GIFT Nifty up 13 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to kick off the week on a positive note. Asian stocks were mostly up in the early trade, even as US stocks settled lower overnight. Crude oil prices snapped their losing streak while the US dollar was on the backfoot. Back home, all eyes will be on the action in the primary market, with five IPO listings in the next two days. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty50 is consolidating in the 19,620-19,875 range on the daily chart and it the trend persisting for the past seven trading sessions, said Jatin Gedia, Technical Research Analyst at Sharekhan.

"The daily momentum indicator has a positive crossover and thus this consolidation should be used as a buying opportunity. On the downside, as long as the zone of 19,630-19,600 is held, we can expect the upside momentum to resume over the next few trading sessions that can take the Nifty towards 19,900-19,930," he said.

Nifty Bank outlook
Rupak De, Senior Technical analyst at LKP Securities said that the Nifty Bank has consolidated at lower level, with four of the five largest banks dropping below their 200 DMA following the RBI's tightening measures. "The sentiment appears sideways in the short term. The level of 44,000 is poised to remain a pivotal point; a decisive move above this mark could potentially trigger a substantial rally for the index. On the downside, visible support resides around 43500," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 12.50 points, or 0.05 per cent, higher at 19,869, hinting at a positive start for the domestic market on Tuesday.

Asian stocks rise at open
Asian shares opened mostly higher on Tuesday, despite lacking firm direction either way. However, bulls took the charge hoping the combination of a weaker dollar, lower US bond yields and softer oil prices will provide the impetus for a more positive session. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.42 per cent. Japan's Nikkei shed 0.30 per cent; Australia's ASX 200 gained 0.62 per cent; New Zealand's DJ rose 0.48 per cent; China's Shanghai added 0.02 per cent; Hong Kong's Hang Seng shed 0.22 per cent; South Korea's Kospi jumped 0.44 per cent.

Oil prices snap losing streak
Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. Brent crude futures were up 45 cents, or 0.6 per cent, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. US West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6 per cent, at $75.28 a barrel, after falling for three straight sessions.

Dollar at three-month low
The US dollar ticked down to a three-month low against peer currencies on Tuesday after slipping overnight on weaker-than-expected new home sales data, while traders hunkered down on bets that the Federal Reserve could start cutting interest rates in the first half of next year. The dollar index was last at 103.11. The yen held around 148.10 as the dollar's recent weakening continued.

Wall Street ends lower
US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked in to high gear and retailers lured bargain hunters with Cyber Monday deals. All three major US stock indexes ended the session modestly in the red. The Dow Jones Industrial Average fell 56.68 points, or 0.16 per cent, to 35,333.47, the S&P 500 lost 8.91 points, or 0.20 per cent, to 4,550.43 and the Nasdaq Composite dropped 9.83 points, or 0.07 per cent, to 14,241.02.

Stocks in F&O ban
Seven 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) and Granules India - will join the existing retentions including Balrampur Chini Mills, Hindustan Petroleum Corporation, Indiabulls Housing Finance, Hindustan Copper 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 buy worth Rs 2,625 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 2,625.21 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 134.46 crore.

Rupee falls 6 paise against dollar
The rupee declined 6 paise to close at its all-time low of 83.40 against the US dollar on Friday, tracking higher demand for the greenback from importers and a weak tone among Asian peers. Forex traders said a muted trend in domestic equities also weighed on the local unit.

Note: With inputs from PTI, Reuters and other agencies

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