GIFT Nifty down 10 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to open on a flat on Monday amid mixed global cues. Asian stocks saw a muted start, tracking a tepid closing for US stocks on Friday. Here's what you should know before the Opening Bell:

Nifty outlook
Rupak De, Senior Technical analyst at LKP Securities said Nifty traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a 'buy on dips' approach has been loved by the Street since the index crossed the crucial 19,500-mark, he said.

"The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages. Support levels are situated at 19,630 and 19,500 on the lower end, while resistance is placed at 19,850 and 20,000 on the higher end," he said.

Nifty Bank outlook
Manu Rishi Guptha, CEO & Founder at MRG Capital said Nifty Bank's 200-day moving average at 43,300 can offer support to the index. Friday’s high of 43,870 can pose as a resistance for the bank on technical basis. "For Nifty, the 50-day moving average at 19600 will act as support and 19875 is the resistance," he said.

"Previous day's intraday low of 44,080 is a crucial level. If the index sustains below it , 150-300 points selling is likely. Hence the bulls will try to protect at the first selling attempt. The price's closing position relative to this range could signal the onset of a significant range movement," she said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 9.50 points, or 0.05 per cent, lower at 19,810, hinting at a flattish start for the domestic market on Monday.

Asian stocks mixed at open
Japanese shares climbed to highs not seen since 1990 on Monday as strong earnings and offshore demand fuelled a three-week winning streak. Other Asian markets were mixed with eyes fixed on the US rate outlook. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.43 per cent. Japan's Nikkei added 0.02 per cent; China's Shanghai fell 0.20 per cent; Hong Kong's Hang Seng jumped 0.79 per cent; South Korea's Kospi gained 0.81 per cent.

Oil prices extend gains
Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices. Brent crude futures climbed 11 cents, or 0.1 per cent, to $80.72 a barrel by 0012 GMT while US West Texas Intermediate crude was at $75.97 a barrel, up 8 cents.

Dollar languishes near 2-month low
The dollar languished near an over two-month low against its major peers on Monday, struggling to make headway on the view that US rates have peaked, with attention now on how soon the Federal Reserve could begin easing monetary conditions. The dollar index rose 0.04 per cent to 103.95. The Japanese yen was last at 149.90 per dollar. Against the dollar, the euro was last bought at $1.0900. Sterling slipped 0.06 per cent to $1.24545

Wall Street stocks settle higher
Wall Street's three major indices edged up slightly on Friday as investors digested recent gains while remarks from Federal Reserve officials clouded the outlook about when the US central bank might start cutting interest rates. The Dow Jones Industrial Average rose 1.81 points, or 0.01 per cent, to 34,947.28, the S&P 500 gained 5.78 points, or 0.13 per cent, to 4,514.02 and the Nasdaq Composite added 11.81 points, or 0.08 per cent, to 14,125.48.

Stocks in F&O ban
Eight stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, November 17. The new addition namely- RBL Bank- will join the existing retentions including Chambal Fertilisers and Chemicals, India Cements, Manappuram Finance, Delta Corp, 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 478 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 477.76 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 565.48 crore. Overseas investors have poured a total of Rs 1,433 crore in the domestic equities.

Rupee fall 3 paise against dollar
The rupee declined by 3 paise to 83.26 against the US dollar on Friday as a firm greenback in the overseas markets and losses in domestic equities weighed on investor sentiment. Global crude oil prices trading near four-month lows helped the rupee restrict losses, forex dealers said.

Note: With inputs from PTI, Reuters and other agencies

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