GIFT Nifty up 34 points: Asian markets, crude oil prices, dollar movement, & more

Domestic benchmark indices are likely to see a positive start on Wednesday, tracking firm Asian markets. Early signals suggest Nifty can hit the 21,000 mark in opening deals today. Crude prices remained under pressure while the US dollar was steady. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty formed a long lower shadow on the daily chart, indicating there is buying interest at lower levels around the zone of 20,720-20,700. The hourly momentum indicator has triggered a negative crossover, which is a sign of loss of momentum on the upside, said Jatin Gedia, Technical Research Analyst at Sharekhan.

"However, until prices show evidence of a correction, we shall continue to ride the up move with a trailing stop loss mechanism. On the upside 21,000 – 21,060 shall act as an immediate hurdle zone and 20,720 – 20,700 shall act as a crucial support zone and should also be kept as a trailing stop loss for the longs on the index," he said.

Nifty Bank outlook
Kunal Shah of LKP Securities said Nifty Bank maintained its robust buying momentum, although it formed a doji candle on the daily chart, suggesting a potential pause in the uptrend.

"A decisive breakout above 47,100, sustained over time, could propel the index toward 47,500 levels, indicating further upward momentum. The lower-end support has shifted to 46,400, serving as a crucial cushion for the bulls in case of any retracement," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 33.50 points, or 0.16 per cent, higher at 21,037.50, hinting at a positive start for the domestic market on Wednesday.

Asian shares rise at open
Asia-Pacific equities gained on Wednesday as bets firmed for a peak in interest rates among major central banks globally, as bond yields continued to decline. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.60 per cent. Japan's Nikkei climbed 1.66 per cent; Australia's ASX 200 surged 1.45 per cent; New Zealand's DJ jumped 0.93 per cent; China's Shanghai added 0.14 per cent; Hong Kong's Hang Seng rose 0.85 per cent; South Korea's Kospi advanced 0.49 per cent.

Oil prices fall on China concerns
Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. Brent crude futures fell 8 cents, or 0.1 per cent, to $77.12 a barrel by 0101 GMT. US WTI crude futures were down 13 cents, or 0.2 per cent, at $72.19 a barrel.

Dollar steady as traders weigh labour data
The dollar was near a two-week high against a basket of currencies on Wednesday as investors assessed US economic data that showed a cooling labour market, while wagering the Federal Reserve will cut rates next year. The dollar index was 0.019 per cent higher at 103.99. Sterling was last at $1.2601, up 0.06 per cent on the day, while the euro was at $1.0795. The offshore Chinese yuan eased 0.09 per cent versus the greenback to $7.1657 per dollar. The Japanese yen strengthened 0.03 per cent to 147.12 per dollar.

Wall Street stocks settled mixed
Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March. Wall Street's most valuable companies rose as Treasury yields dipped to multi-month lows. The S&P 500 declined 0.06 per cent to end the session at 4,567.18 points. The Nasdaq gained 0.31 per cent to 14,229.91 points, while Dow Jones Industrial Average declined 0.22 per cent to 36,124.56 points.

Stocks in F&O ban list
Four stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, December 5. The list includes names of Indiabulls Housing Finance, India Cements and Zee Entertainment Enterprises (ZEEL) and Delta Corp. 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 shares worth Rs 5,224 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 5,223.51 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,399.18 crore.

Rupee rises 1 paisa against dollar
The rupee recovered from all-time low levels to settle up by 1 paisa at 83.37 against the US dollar in a restricted trade on Tuesday amid a stronger American currency in overseas markets and disappointing services sector data. Forex traders said the rupee traded in a narrow range as positive domestic markets and crude oil prices trading below the $80 per barrel mark cushioned the downside.

Note: With inputs from PTI, Reuters and other agencies

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