GIFT Nifty flat: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to open flat on Tuesday amid positve global cues. Asian stocks gained in the morning session, tracking a higher closing for US stocks overnight. Back home, all eyes would be on the IPO of IREDA, which will open for bidding today. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty is trading within the 19,875-19,627 range on the daily chart. The 50-pack index is approaching the crucial support zone of 19,650-19,600, where multiple support parameters including the 40-hour moving average and the lower end of the rising channel are placed, said Jatin Gedia of Sharekhan.

"We expect Nifty to hold on to this support. The hourly momentum indicator has a negative crossover and has reached the equilibrium line, indicating the correction has matured and can start a new cycle on the upside. In terms of levels, 19,610-19,650 is the crucial support zone while 19,900-19,930 is the immediate resistance zone," he said.

Nifty Bank outlook
VLA Ambala of Stock Market Today said that Nifty Bank is currently trading within the 20-day and 200-day EMAs in a critical range, indicating an expected significant movement. Buyers participating in the bullish momentum will likely defend the price at the 200-day EMA, with the next index support level at 42,930.

"Major resistance levels for Nifty Bank are projected at 43,810 and 43,940 levels. The nearest support for Nifty Bank is at 43,520, with buyers attempting to defend this level. If unsuccessful, subsequent support levels are at 43,430 and 43,240. It's crucial to note that 43,500 is a significant psychological support level," she said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 2 points, or 0.01 per cent, lower at 19,805, hinting at a flattish start for the domestic market on Tuesday.

Asian stocks rise at open
Asain shares rose on Tuesday as countries awaken to another solid advance on Wall Street amid evidence of easing US inflation supported bets that the Fed was done raising interest rates. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.99 per cent. Japan's Nikkei shed 0.04 per cent; China's Shanghai rose 0.63 per cent; Hong Kong's Hang Seng surged 1.56 per cent; South Korea's Kospi jumped 0.85 per cent.

Oil prices ease amid demand concerns
Oil futures eased on Tuesday, reversing the previous day's rally, as concerns over weaker demand amid a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies such as Russia. Brent crude futures fell 19 cents, or 0.2 per cent, to $82.13 a barrel by 0013 GMT while US West Texas Intermediate crude was at $77.68 a barrel, down 15 cents, or 0.2 per cent.

Dollar falls on rising rate cut bets
The dollar was on the defensive and trading by multi-month lows on the euro and a handful of other major currencies on Tuesday, as investors expect US interest rates to fall next year and see that as a signal to sell the dollar in anticipation. The index lost a 0.5 per cent overnight to 103.44. The yen rallied to a seven-week high of 148.1 per dollar overnight.

Wall Street stocks settle higher
Wall Street stock indices closed higher on Monday, with Nasdaq's 1 per cent rally leading the charge, as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives. The Dow Jones Industrial Average rose 203.76 points, or 0.58 per cent, to 35,151.04, the S&P 500 gained 33.36 points, or 0.74 per cent, at 4,547.38 and the Nasdaq Composite added 159.05 points, or 1.13 per cent, at 14,284.53.

IREDA IPO opens today
The initial public offering (IPO) of Indian Renewable Energy Development Agency (IREDA) will kick-off for subscription on Tuesday, November 21 and can be subscribed till Thursday, November 23. The state-run PSU will raise a total of Rs 2,150 crore by selling its shares in the range of Rs 30-32 apiece with a lot size of 460 equity shares.

Stocks in F&O ban
Eleven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, November 21. The new addition namely- Bharat Heavy Electricals (BHEL), Indiabulls Housing Finance and NMDC- will join the existing retentions including Chambal Fertilisers and Chemicals, India Cements, Manappuram Finance, Delta Corp, RBL Bank, 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 646 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 645.72 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 77.77 crore.

Rupee fall 9 paise against dollar
The rupee declined by 9 paise to settle at its all-time low of 83.35 against the US dollar on Monday, tracking a negative trend in domestic equities. Foreign fund outflows also weighed on the local unit, forex traders said.


Note: With inputs from PTI, Reuters and other agencies

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