Market Morning Notes For 14th February 2023
Markets remained under pressure due to Adani news flow with broader markets significantly underperforming key indices as Nifty closed below 17800. We expect selling pressure to intensify further with expect an immediate target for Nifty below 17000. The India VIX jumped sharply from key support of 12.7 in yesterday’s trade to post a short-term reversal of the Bullish Engulfing line...
Weekly Market Report From 06th to 10th Feb 2023
Markets remain rangebound; Global cues, Adani news will remain in focus Markets remained rangebound and ended on a flat note for the week while broader markets outperformed. On the expected lines, the Reserve Bank of India (RBI) raised the key policy repo rate by 25 bps and said it remained focused on the withdrawal of accommodation. The U.S. Fed said 2023 would be a year of...
Market Morning Notes For 13th February 2023
Markets for the week ended unchanged after multiple failed attempts to cross above 17,900 thus forming Inside Bar on a weekly candlestick. Markets have been battling with frequent negative news flow from Adani Group as more and more global institutions raise the alarm over the channeling of funds through safe haven destinations and overvaluation. For Nifty, the setup for the market still...
Market Morning Notes For 10th February 2023
Markets ended on a flat note after an initial gap-down opening which was mainly due to the announcement that MSCI is reconsidering Adani group shares’ free float in MSCI India Index after an allegation levied by the Hindenburg report. MSCI Indices are a globally highly tracked benchmark by the most global institution. For Nifty, the 17900 level has firmly acted as a major resistance...
Key Highlights of Budget 2023
On February 1st, 2023, Nirmala Sitharaman, the Finance Minister, unveiled the Union Budget 2023. The budget, which took into account the government’s future plans and benefits for taxpayers, appears to be in line with expectations. From the highly anticipated tax relief for the salaried class to the impact on the insurance industry, here are the major highlights of the Union Budget...
Market Morning Notes For 09th February 2023
Markets rebounded sharply on Wednesday despite RBI hiking repo rates by 25 bps. RBI Gov says the situation remains fluid and uncertain. RBI is focused on the withdrawal of accommodation. Core inflation remains sticky and inflation will rule above the 4 pct target. Nifty has been trading in a narrow band of 17600-17900 since Budget Day and all eyes remain on the movement of USDINR which is...
Market Morning Notes For 8th February 2023
Benchmark indices extended losses on Tuesday as markets turned cautious ahead of U.S Fed Chairman Powel’s speech which was scheduled yesterday. Powel maintained that further rate hikes are not ruled out if the current trend of good jobs data continues or inflation remained high. But he maintained there were early signs of inflation coming down. For Indian markets, the weakness can...
Market Morning Notes For 7th February 2023
Markets remained under pressure after USDINR suddenly surged by 1% on concerns of the Adani debt issue and partly due to jump in the dollar index as Nifty in USD terms saw a closing lower by 1.5% wiping out Friday gains. After yesterday’s move, the S&P Dollex 30 i.e., Sensex in USD terms which is highly tracked by FII has seen a closing below 200-DMA and is likely to see a further round...
Weekly Market Report From 30th Jan to 03rd Feb 2023
Union Budget supports, Adani disappoints; RBI Policy in focus this week Volatility remained high during the week as the Union Budget was presented which exceeded market expectations. However, weakness in Adani Group stocks and continuous selling in these shares dented the market sentiments. In Budget 2023-24, finance minister Nirmala Sitharaman announced a capital expenditure outlay of Rs...