SGX Nifty climbs 120 points: Mixed Asian markets, steady dollar, higher crude prices, FPI outflows & more

Dalal Street is set to kick off the new week with a gap-up opening on Monday despite mixed cues from Asian peers. US stocks settled higher on Friday as there are hopes central banks globally are looking to address concerns regarding the banking sector. US economic indicators will be other key factors, which will guide sentiment in the near term. Here's what you should know before the opening bell:Nifty outlook Nifty formed a long bear candle on the daily chart, which indicated a ‘sell on rise’ action in the market around the 17,200 level. The recent swing high of 17,207 could now be considered as a new lower top of the sequence and the market is on the way down to the new lower bottom - below 16,800 level in the near term, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities "The short term trend of Nifty continues to be weak. The immediate resistances are left unchallenged and strong supports have started to break on the downside one after another. One may expect Nifty to slide down to 16,800-16,700 levels by next week. On the upper side, the area of 17,050 could be a crucial overhead resistance," he said.  SGX Nifty signals a positive start Nifty futures on the Singapore Exchange quoted 120 points, or 0.71 per cent, higher at 17,039.50, hinting at a positive start for the domestic market on Monday.Asian shares mixed in early trade Asian shares followed US stock futures higher on Monday but a few turned back to red amid the hopes that authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.76 per cent. Japan's Nikkei rose 0.28 per cent; Australia's ASX 200 gained 0.22 per cent; New Zealand's DJ jumped 0.40 per cent; China's Shanghai fell 0.49 per cent; Hong Kong's Hang Seng plunged 1.71 per cent and Korea's Kospi declined 0.73 per cent.Oil prices edge higher Oil prices edge higher in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures gained 33 cents, or 0.4 per cent, to $75.32 a barrel. US West Texas Intermediate crude was at $69.65 a barrel, up 39 cents, or 0.6 per cent.Dollar steady amid crisis fears The dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index was up 0.078 per cent at 103.060. Risk-wary investors sent the yen to a seven-week high but It was last at 130.70 on Monday. The euro was up 0.03 per cent to $1.0762, while the Sterling was at $1.2236, up 0.06 per cent on the day.US stocks settle higher US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector. The Dow Jones Industrial Average rose 132.28 points, or 0.41 per cent, to 32,237.53, the S&P 500 gained 22.27 points, or 0.56 per cent, to 3,970.99 and the Nasdaq Composite added 36.56 points, or 0.31 per cent, to 11,823.96.Stocks in F&O ban Two stocks- Hindustan Aeronautics and Indiabulls Housing Finance- have been retained under F&O ban by National Stock Exchange (NSE) for Monday, March 27. Derivative contracts in a security are banned when it crosses 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 1,720 cr Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 1,720.44 crore on Friday. However, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 2,555.53 crore. Foreign investors have invested Rs 7,200 crore in Indian stock markets so far in the month of March, 2023. This includes investments made by American firm GQG in Adani Group companies.Rupee falls 20 paise against dollar The rupee depreciated by 20 paise to close at 82.40 (provisional) against the US dollar on Friday weighed down by the strength of the American currency and sustained foreign fund outflows.Forex traders said a negative trend in domestic equities, selling pressure from foreign institutional investors and month-end Dollar demand from importers dented investor sentiments. Note: With inputs from PTI, Reuters and other agencies