GIFT Nifty up 20 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices are set to kick off the week on a mixed note amid a lack of directional cues from global cues. US stocks settled mixed on Friday while Asian stocks opened mostly lower earlier today. A weak dollar and ease in crude oil prices, along with upbeat Q1 earnings, may limit any downside for domestic stocks. The IPO of Netweb Technology will open for subscription today. Here's what you should know before the Opening Bell:Nifty outlook Nifty broke above a consolidation range of 19,300-19,500, which suggests an increasing optimism in the market. The resistance at 19,500, which was heavily built by Call writers, has been surpassed on a closing basis, said Rupak De, Senior Technical analyst at LKP Securities. "This breakthrough is expected to lead to a significant rally as the call writers unwind their positions. The bullish crossover on the momentum indicator RSI reinforces the upward momentum," he said.GIFT Nifty signals a positive start Nifty futures on the Nifty International Exchange traded 20 points, or 0.10 per cent, higher at 19,639, hinting at a positive start for the domestic market on Monday.Asian stocks drop in early trade Asian shares got off to a subdued start on Monday as markets braced for a raft of Chinese economic data. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.16 per cent. Japan's Nikkei shed 0.09 per cent; China's Shanghai Composite index fell 0.88 per cent; Hong Kong's Hang Seng declined 0.77 per cent and South Korea's Kospi slipped 0.15 per cent.Oil slips after Libya resumes output Oil prices dipped for the second session on Monday after Libya resumed production over the weekend. Brent crude futures fell 57 cents, or 0.7 per cent, to $79.30 a barrel while US West Texas Intermediate crude was at $74.90 a barrel, down 52 cents, or 0.7 per cent.Dollar steady after last week’s fall A bruised dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any further. The US dollar index dropped 2.2 per cent last week, and was steady at 99.956 early in the Asia session on Monday. The euro held just below that peak at $1.1228, while the yen held at 138.69 per dollar. At $1.3089 sterling was parked just below last week's 15-month peak.Wall Street stocks settle mixed The S&P500 index ended down slightly on Friday, with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major US stock indexes posted solid weekly gains. The Dow Jones Industrial Average rose 113.89 points, or 0.33 per cent, to 34,509.03, the S&P500 lost 4.62 points, or 0.10 per cent, to 4,505.42 and the Nasdaq Composite dropped 24.87 points, or 0.18 per cent, to 14,113.70.Netweb Technologies IPO opens today The initial public offering (IPO) of Netweb Technologies India will open for subscription on Monday, July 17. The company is looking to sell its shares in the price band of Rs 475-500 apiece. Interested investors are required to bid for at least one lot of 30 equity shares and its multiples thereafter. The three-day stake sale will conclude on Wednesday.Q1 results today HDFC Bank, LTIMindTree, Tata Elxsi, Crisil, Central Bank of India, Tinplate Company of India, Choice International, Hathway Cable & Datacom and Huhtamaki India are among the companies that will announce their earnings for the June 2023 quarter during the day.Stocks in F&O ban Six stocks - Delta Corp, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank and RBL Bank- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, July 17. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.FPIs sell shares worth Rs 2,636 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,636.43 crore on Friday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 772.45 crore.Rupee falls 9 paise against dollar Snapping its four-day winning run, the rupee depreciated by 9 paise to close at 82.17 against the US dollar on Friday following a rebound in the American currency against global peers and firm crude prices. However, strong buying in domestic equity markets restricted losses in the local unit, forex traders said.Note: With inputs from PTI, Reuters and other agencies