Domestic stock indices are likely to open flat on Thursday amid mixed global cues. Asian stocks were direction less even as US stocks settled higher overnight, ahead of a public holiday. Dollar edged up while crude oil prices fell after postponement of OPEC+ meet. Here's what you should know before the opening bell: Nifty outlook Jatin Gedia, Technical Research Analyst at Sharekhan said Nifty tested the support zone of 19,700- 19,680, before witnessing a sharp recovery, which indicates buying interest at support levels on the daily chart. He said Nifty may continue with the positive momentum till 19,930, which coincides with the 78.6 per cent Fibonacci retracement level of the fall from 20,222 – 18,837. “On the downside, 19,670 – 19,650 is the crucial support level which should not be breached for the upside momentum to continue,” he said. Nifty Bank outlook Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said that Nifty Bank experienced persistent selling pressure, accompanied by significant volumes. However, the index successfully maintained the crucial support zone of 43,300-43,200, and a breach below this level could pave the way for further downside. "On the upside, immediate resistance is positioned at 43,600-43,700, and a breakthrough above this range is expected to initiate moves toward the 44,000 level, where the highest open interest is concentrated on the call side," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 3.50 points, or 0.02 per cent, lower at 19,894.50, hinting at a negative start for the domestic market on Thursday. Asian stocks mixed at early trade
Asian markets were mixed ahead Thanksgiving holiday in the US, with stocks resuming their massive rally this month that has been fueled by hopes of a more benign interest rate backdrop. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.09 per cent. Japan's Nikkei gained 0.25 per cent; Australia's ASX 200 dropped 0.36 per cent; New Zealand's DJ shed 0.25 per cent; China's Shanghai fell 0.16 per cent; Hong Kong's Hang Seng tanked 0.64 per cent; South Korea's Kospi added 0.30 per cent.
Oil prices down on delays in OPEC+ meet Oil prices fell 1 per cent in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stocking views the producers might cut output less than earlier anticipated. Brent futures fell 81 cents, or 1 per cent, to $81.15 a barrel. US West Texas Intermediate crude dipped 72 cents, or 0.9 per cent, to $76.40. Dollar index nears 104 level Currency markets were lulled by holidays in Japan and the United States on Thursday, leaving the US dollar reeling in its gains after data that cast doubts over market projections for peak Fed rates. The dollar index rose overnight, was just 0.03 per cent lower at 103.84, with the euro unchanged at $1.0887. The yen hit a two-month high and was last traded at 149.33. Wall Street stocks settle higher US stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. The gains were ed by interest rate-sensitive megacaps. The Dow Jones Industrial Average rose 184.74 points, or 0.53 per cent, to 35,273.03, the S&P 500 gained 18.43 points, or 0.41 per cent, to 4,556.62 and the Nasdaq Composite added 65.88 points, or 0.46 per cent, to 14,265.86. Stocks in F&O ban Nine stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, November 23. The list includes names like Bharat Heavy Electricals (BHEL), Indiabulls Housing Finance, NMDC, India Cements, Manappuram Finance, RBL Bank, Hindustan Copper, MCX india and 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 sell shares worth Rs 307 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 306.56 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 721.24 crore. Rupee falls 4 paise against dollar The rupee consolidated in a narrow range and settled lower by 4 paise at 83.32 against the US dollar on Wednesday, tracking a strong American currency overseas. Forex traders said a muted trend in domestic equities also weighed on the local unit, while a correction in oil prices provided support to the currency. Note: With inputs from PTI, Reuters and other agencies
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