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Will Nifty take support at 24,800 on Tuesday- See GIFT Nifty, FII data, F&O, crude, and more before market opens

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a lower opening on Tuesday. Here is all you need to know before the market opens.

GIFT Nifty was down 75.50 points, or 0.30%, at 24,877 indicating a lower start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 1.25 points or 0.01% higher to settle at 24,836, while the BSE Sensex rose 23.12 points or 0.03% to finish at 81,356.

Key things to know before share market opens on July 30, 2024

Wall Street

US markets ended on a mixed note on Monday as it geared toward corporate earnings and FOMC ahead. The broader market index, the S&P 500, gained 0.08% to close at 5,464. Similarly, the tech-heavy Nasdaq Composite added 0.07% to settle at 17,370. Meanwhile, the Dow Jones Industrial Average dropped 49.41 points, or 0.12%, to end at 40,540. 

Will Nifty surpass 25,000 or take support at 24,300 on Wednesday? See GIFT Nifty, FII data, F&O, crude, and more before market opens
Will Nifty hold 24,300 on Tuesday? See GIFT Nifty, FII data, F&O, crude, and more before market opens
Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty hold 23,800 levels ahead of weekly expiry, or decline further? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

US Dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.06% at 104.63 on Tuesday morning.

Crude Oil

WTI crude prices were trading at $75.61 down by 0.28%, while Brent crude prices were trading at $79.59 up by 0.23%, on Tuesday morning.

Asian Markets

Asian markets on Tuesday morning were lower. It tracked mixed US markets. Japan’s Nikkei 225 fell 0.47% to 38,268. The Korean index Kospi was down 0.71% at 2,746. However, the Asia Dow was trading 1.46% higher at 3,538.32. The benchmark Chinese index Shanghai Composite was trading lower at 2,891.39.

FII, DII Data

Foreign institutional investors (FII) sold shares net worth Rs 2,474.54 crore. However, domestic institutional investors (DII) bought shares net worth Rs 5,665.54 crore on July 29, 2024, according to the provisional data available on the NSE.

Expert’s View

“Nifty was just a kiss away from the 25k mark. Once the index crosses the psychological level, we believe sentiments will get a further boost. This week, the market will focus on the Central Bank’s global policy meeting as the US Federal Reserve, BOE, and BOJ announce their decision. Thus, interest-sensitive sectors including banking will remain in focus. Overall, we expect the market to continue its gradual uptick, however, volatility cannot be ruled out ahead of key events,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Bank Nifty Outlook

On Monday, the Banknifty index opened on a positive note and witnessed buying interest in the first half, registering a high of 52,340. However, the index experienced significant profit booking, causing Banknifty to settle at 51,406 levels. “On the daily scale, the index has found resistance near a short-term trend line, which is placed around 52,300 levels. Thus, 52,000-52,300 will serve as a resistance zone for Banknifty, while on the downside, 51,000 will act as strong support,” said Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.

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