Domestic stock indices may open lower on Thursday tracking weak global cues. Asian stocks were mostly down in the early trade while US stocks ended lower overnight amid dashed hopes of early rate cuts. Rising bond yields kept dollar near one-month high while crude oil price nudged higher amid geopolitical concerns. Here's what all you know to know before the Opening Bell: Nifty outlook Nifty formed a bearish Island Reversal pattern, said Deepak Jasani, Head of Retail Research at HDFC Securities. "On a downward breach of 21,449, Nifty could head towards 20,977 over the next few days, while 21,851 could act as a resistance. The broader market has not seen panic selling. Once we observe that happening, the sentiment could deteriorate fast and selling could accelerate." Nifty Bank outlook Nifty Bank experienced a sharp decline on the back of selloff in the heavyweight HDFC Bank. The index sharply fell below the 38.20 per cent Fibonacci Retracement level of the previous leg of rally, said Rupak De, Senior Technical Analyst at LKP Securities. "Additionally, the index retreated within the area of the previous swing high after a consolidation breakdown on the daily chart. The sentiment may remain weak, with immediate support at 45,900-45,930. A drop below 45,900 could potentially initiate a further correction towards 45,500. A resistance is identified at 46,350," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 38.50 points, or 0.18 per cent, lower at 21,411, hinting at a negative start for the domestic market on Thursday. Asian shares fall at open Asian stocks started on a sluggish note on Thursday amid a fall in the US stocks, weak China data and a strong rise in global bond yields. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent. Japan's Nikkei rose 0.29 per cent; Australia's ASX 200 dropped 0.70 per cent; New Zealand's DJ tanked 0.75 per cent; China's Shanghai tumbled 0.98 per cent; Hong Kong's Hang Seng shed 0.27 per cent; South Korea's KOSPI gained 0.50 per cent. Oil prices edge higher on OPEC demand Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the US disrupted some oil production. Brent crude futures gained 28 cents to $78.16 a barrel by 0004 GMT, and US West Texas Intermediate crude futures (WTI) rose 34 cents at $72.90. Dollar nears one-month peak The dollar held close to a one-month peak versus major peers on Thursday after robust US retail sales data overnight added to building expectations the Federal Reserve will not rush to lower interest rates. The US dollar index traded little changed at 103.36 in the Asian morning. Sterling was also flat at $1.26765. The dollar was last flat at 148.135 yen. Meanwhile, the euro was little changed at $1.08845. Wall Street shares settle lower Wall Street stocks finished lower on Wednesday after upbeat December US retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March. The benchmark S&P 500, opens new tab fell to its lowest in over a week. The S&P 500 declined 0.56 per cent to end at 4,739.21 points. The Nasdaq fell 0.59 per cent to 14,855.62 points, while Dow Jones Industrial Average slid 0.25 per cent to 37,266.67 points. Q3 results today IndusInd Bank, Polycab India, Tata Communications, Jindal Stainless, Poonawalla Fincorp, Metro Brands, 360One Wam, IndiaMart InterMesh, Finolex Industries, Ramkrishna Forgings, Sterling & Wilson Renewable Energy, Supreme Petrochem, Mastek, Home First Finance Company, India, Shoppers Stop, South Indian Bank, KDDL and Innova Captab are among the companies that will announced their results for the December 2023 quarter today. Stocks in F&O ban A total of 13 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, January 18. The new addition namely- Indian Energy Exchange (IEX) and Steel Authority of India (SAIL)- will join the existing retentions including Aditya Birla Fashion & Retail (ABFRL), Ashok Leyland, Bandhan Bank, Chambal Fertilisers & Chemicals, Delta Corp, Hindustan Copper, Metropolis Healthcare, National Aluminium Company (Nalco), Polycab India, PVR Inox and Zee Entertainment Enterprises (ZEEL). Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs sell shares worth Rs 10,578 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 10,578.13 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 4,006.44 crore. Rupee falls 2 paise against dollar The rupee slipped 2 paise to settle at 83.14 against the US dollar on Wednesday amid massive selling in domestic equity markets and a strong greenback overseas. However, a sharp fall in crude oil prices in the international markets supported the local currency and capped the losses, forex dealers said. Note: With inputs from PTI, Reuters and other agencies
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