The SGX Nifty lost 0.28% in trade on Friday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis. Nifty futures were 52.5 points lower on the Singaporean exchange at 18,414. Benchmark indices NSE Nifty 50 and BSE Sensex ended the monthly F&O expiry session in green. The Nifty 50 ended near the day’s high, rising 0.20% to 18,321 and BSE Sensex rose 98.84 points to 61,873.
“Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research, Geojit Financial Services.
Asian Markets
Shares in Asia-Pacific were trading mixed on Friday. Hong Kong’s Hang Seng tanked 1.97% while China’s Shanghai Composite traded lower by 0.38%. Japan’s Nikkei 225 added 0.87% as Taiwan’s TSEC 50 was 1.19% higher and South Korea’s Kospi was up 0.11%.
Crude Oil
Brent crude slipped 4 cents to $76.22 a barrel at 0022 GMT, while U.S. West Texas Intermediate was up 9 cents, or 0.1%, at $71.92 a barrel.
FII/DII Data
Foreign institutional investors (FII) net bought shares worth net Rs 589.10 crore, while domestic institutional investors (DII) net purchased shares worth net Rs 338.44 crore on May 25, according to the provisional data available on the NSE.
F&O Ban
The National Stock Exchange has no securities on its F&O ban list for 26 May. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Bank Nifty Outlook
“The fight between the bulls and bears continues in the Bank Nifty Index. The bulls have been trying to push the index higher, but the bears have been successful in keeping it in check. The monthly expiry on May 24 witnessed volatile trading, but the index managed to hold the support of 43,400,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Technical View
“NSE Nifty 50 is in a consolidation mode and the range of consolidation is likely to be 18,000 – 18,400. In terms of levels, 18,420 – 18,450 shall act as the immediate hurdle while 18,200 – 18,180 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.