The Nifty50 has breached the crucial support of 19,825 and post breakdown it is comfortably trading below the same, which is largely negative, said an analyst. 
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The Nifty50 has breached the crucial support of 19,825 and post breakdown it is comfortably trading below the same, which is largely negative, said an analyst. Domestic equity markets are likely to kick off the week with cuts on Monday, thanks to muted global cues. Asian stocks were mostly down in the early trade, while US stocks settled mixed on Friday. The US Fed meeting over rate hikes later in the week will be the key trigger for the markets to watch out for. Back home, traders will react to the Q1 earnings of Reliance Industries (RIL), ICICI Bank and Kotak Mahindra Bank. Here's what you should know before the Opening Bell:Nifty outlook Nifty has breached the crucial support of 19,825 on the daily chart. It is comfortably trading below the same, which is largely negative. In addition, a sharp intraday correction and reversal formation on daily charts is also indicating temporary weakness, said Amol Athawale, Technical Analyst (VP) at Kotak Securities. "A fresh uptrend rally is possible only after the dismissal of 19,825. Above the same, the index could retest the level of 19,900-19,950. Contra traders can take a long bet near 19,550 with a strict stop loss of 30 points, he added.GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 37 points, or 0.19 per cent, higher at 19,729.50, hinting at a negative start for the domestic market on Monday.Asian stocks open mostly down Asian shares opened mostly lower on Monday ahead of an action-packed week of earnings and central bank meetings that may see higher rates in Europe and the United States. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.40 per cent. Japan's Nikkei surged 1.11 per cent; China's Shanghai declined 0.17 per cent up; Hong Kong's Hang Seng tanked 1.45 per cent and South Korea's Kospi rose 0.21 per cent.Oil prices take a breather Oil prices eased on Monday as traders await more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Brent crude futures dipped 41 cents, or 0.5 per cent, to $80.66 a barrel by 0045 GMT. US West Texas Intermediate crude was at $76.70 a barrel, down 37 cents, or 0.5 per cent.Dollar steady ahead of Fed meet The dollar and euro made firm starts on Monday to a week full of central bank meetings, while the yen was struggling as investors expect the Bank of Japan will be the odd one out as policymakers hike rates in Europe and the United States. The US dollar index was steady at 101.04 and the yen was nursing losses at 141.71 to the dollar early on Monday. The euro held at $1.1128. The kiwi sat at $0.6172, while the Aussie was testing support at $0.6722.US stocks settled mixed on Friday US stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its tenth straight day of advances, its longest rally in almost six years. The S&P 500 climbed 0.03 per cent to end at 4,536.34 points. The Nasdaq declined 0.22 per cent to 14,032.81 points, while Dow Jones Industrial Average rose 0.01 per cent to 35,227.69 points.Q1 results today Tata Steel, SRF, TVS Motors Company, IDBI Bank, Canara Bank, HDFC Asset Management Company, Poonawalla Fincorp, Federal Bank, Relaxo Footwears, PNB Housing Finance, DCM Shriram, BASF India, Craftsman Automation, Shoppers Stop, Jammu & Kashmir Bank, Tamilnad Mercantile Bank and Chennai Petroleum Corporation are among the companies that will announce their earnings for the June 2023 quarter during the day.Stocks in F&O ban Six stocks - Balrampur Chini Mills, Punjab National Bank, L&T Finance Holdings, Delta Corp, Manappuram Finance and Indiabulls Housing Finance- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, July 24. 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 dump shares worth Rs 1,999 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,998.77 crore on Friday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,291 crore. Interestingly, overseas investors have poured in Rs 43,804 crore domestic equities in the current month so far.Rupee falls 12 paise against dollar The rupee depreciated 12 paise to 82.05 against the US dollar in early trade on Friday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.03, then touched 82.05, registering a decline of 12 paise over its last close.Note: With inputs from PTI, Reuters and other agencies
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