Before the market opening on Gift Nifty Friday, you should be aware of: The Global market fall as Fed officials issue a warning about rate-cut bets, and the Nifty indicates a lackluster start. Today is the last day of the Go Digit IPO. Saturday is market opening day.
Pre-market stock analysis for May 17, Friday: As the Lok Sabha elections near, it is expected that the Indian equity market will stay erratic. In addition, the movement of FIIs and global news have an impact on trade sentiment.
After yesterday’s incredibly tumultuous session, the Nifty is predicted to open a little lower this morning because of the somewhat mild global attitude. At 7:00 AM, Gift Nifty futures quoted at 22,480, suggesting that the Nifty 50 index may be somewhat lower.
Global markets
Overnight, the US market ended off record highs after several Federal officials warned that the central bank still needed more confidence to cut interest rates and that the timing of the move remained uncertain.
In intraday trading, the Dow Jones crossed the 40,000 barrier, but it ultimately settled at 39,869, down 0.1%. Both the Nasdaq and S&P 500 had a 0.2% decline.
The yield on the US 10-year bond stayed low, hovering around 4.365 percent, close to five-week lows. In terms of commodities, Brent Crude Oil remained at $83 per barrel while Gold futures slipped back to $2,380 levels.
This morning, the Asia Pacific region’s equity markets were all red. The Nikkei of Japan fell 0.8%. The Kospi in Malaysia declined by 0.3%, while the benchmark indices in Australia fell by 0.4%.
Also Check: Gift Nifty, World Markets Suggest a Gap-up Opening on May 16; FIIs Trade Is The Main Focus
On the technical front, the 22,300 zone is likely to cushion upcoming blips, while 22,200-22,100 is likely to act as the next support zone for Nifty, said – Osho Krishan, Sr. Analyst – Technical & Derivative Research at Angel One.
On the higher end, 22,500-22,600 is very much in the vicinity of the bulls, especially with the kind of momentum seen on the weekly settlement session, the analyst added.
Neeraj Sharma, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates too believes that the Nifty could rally to 22,500–22,600 levels in the near term. The analyst said, technically, the Nifty has surpassed the hurdle of 22,310, where the 21-day exponential moving average (21-DEMA) was placed and managed to close above it, indicating strength.
Rupak De, Senior Technical Analyst at LKP Securities recommends that over the next few days, the bulls might have the upper hand in the market as the Nifty moved above the critical moving average after several days. On the higher side, the Nifty might move towards 22,600 in the short term. Support on the lower end remains at 22,250.
Stocks in focus
Among individual stocks, Vodafone Idea will be in focus after the telecom major said it loss widened to Rs 7,674 crore in the March 2024 quarter. Gail India too will see some action after the company reported a near 3-fold jump in net profit at Rs 2,469 crore.
On Friday, Amber Enterprises, Atul Auto, Balkrishna Industries, Balrampur Chini, Bandhan Bank, Delhivery, GlaxoSmithKline Pharma, Godrej Industries, JB Chemicals, JSW Steel, LT Foods, NHPC, Pfizer, The Phoenix Mills, Polyplex Corporation, RCF, Rail Vikas Nigam (RVNL), Shipping Corporation of India, Shalimar Paints, Sobha, TV Today, Universal Cables, Zee Entertainment and Zydus Lifesciences are scheduled to announce Q4 results.
Primary Market Update
Go Digit General Insurance Gift Nifty IPO closes today. The issue was subscribed up to 79 percent as of yesterday. Subscription is open in the price range of Rs 258 – Rs 272 per share. Should you subscribe?
Other news
Lastly, today is not the final trading session of the week as the equity market will be open for normal trading tomorrow May 18, Saturday in a special session. The stock exchanges are conducting this trading session to check their preparedness to handle major disruption or failure, if any, at the primary site.
Trading will be in two sessions, the first session will be from 9:15 am- 10 am on the primary site, followed shift in trading to the Disaster Recovery Site (DRS) from 11:30 am- 12:30 pm.
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