GIFT Nifty down 13 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to open lower on Thursday, tracking muted global cues. Asian stocks dropped sharply at open, even as US stocks posted gains overnight. The waning expectations of early rate cuts is weighing on the market sentiment. Back home, traders will be looking at the domestic economic data for cues. Here's what you should know before the Opening Bell: Nifty outlook Nagaraj Shetti, Technical Research Analyst at HDFC Securities said that Nifty formed a small positive candle on the daily chart with a gap-up opening. Technically, this pattern indicates an attempt at an upside breakout of the crucial overhead resistance of around 19,550-19,600 levels. The opening upside gap remains unfilled, he said. "The short-term trend of the Nifty remains positive. Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term. Any dips towards the immediate support of 19,500 could be a ‘buy on dips’ opportunity," he added. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty  Bank has reached the upper Bollinger band placed around 44,400 and, hence, one can expect some sideways consolidation going ahead. "In terms of levels, 44,400-44,500 shall act as an immediate hurdle zone while 44,000-43,900 is the crucial support zone. Until the support one is held, we can expect the rally to continue till 44,800-45,000 from a short-term perspective," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 12.50 points, or 0.06 per cent, lower at 19,751.50, hinting at a negative start for the domestic market on Thursday. Asian stocks fall at open Stocks in Asia began Thursday's session in the red as investors adjust to what appears to be a decisive moment in the global interest rate and inflation cycle. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.85 per cent. Japan's Nikkei dropped 0.82 per cent; Australia's ASX 200 shed 0.60 per cent; New Zealand's DJ tanked 1.30 per cent; China's Shanghai fell 0.49 per cent; Hong Kong's Hang Seng cracked 1.39 per cent; South Korea's Kospi declined 0.48 per cent. Oil prices dip on US crude supply Oil prices dropped on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from Asia. Brent futures fell 28 cents to $80.90 a barrel by 0001 GMT. US West Texas Intermediate crude (WTI) lost 31 cents to $76.35 a barrel. Both benchmarks fell over 1.5 per cent in the prior session. Dollar holds ground after 2-day fall The dollar held its ground early on Thursday after a volatile two days that saw sharp declines followed by a rebound as traders took incoming economic data as signalling the Federal Reserve will wait longer before cutting interest rates. The dollar index added 0.11 per cent to 104.43. The US currency was little changed at $1.08425 per euro and slipped 0.15 per cent to 151.15 yen. Wall Street stocks end with gains US stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target. The Dow Jones Industrial Average rose 163.51 points, or 0.47 per cent, to 34,991.21, the S&P 500 gained 7.18 points, or 0.16 per cent, at 4,502.88 and the Nasdaq Composite added 9.46 points, or 0.07 per cent, at 14,103.84. Stocks in F&O ban Six stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, November 16. The new addition namely- MCX India - will join the existing holdings including Delta Corp, Indiabulls Housing Finance, Hindustan Copper, Steel Authority of India (SAIL), Zee Entertainment India. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs buy shares worth Rs 550 crore Provisional data available with NSE suggest that FPIs were net buyers  of domestic stocks to the tune of 550.19 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 609.82 crore. Rupee jumps 24 paise against dollar The rupee appreciated 24 paise to close at 83.09 against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected. A firm trend in domestic equity markets and risk-on sentiment also supported the local unit, forex traders said. The rupee gained as the American currency weakened after US Inflation eased to its lowest level since September 2021, they added. Note: With inputs from PTI, Reuters and other agencies