Market Morning Notes For 30th September 2024
Markets extended gains for the third straight week and rallied nearly 1.5% closing above the psychological barrier of 26,000 mainly on back of inflows from FTSE ALL Cap World Index rebalancing. The Nifty 50 ETF has been trading at taper end of the rising wedge and we expect major reversal to occur on close below 25,880 in Nifty spot. Most of Long only Funds and Hedge Funds take positions via...
Market Morning Notes For 27th September 2024
Markets ended green on Thursday, resulted in a 6th straight day of gains for the Nifty . However, a divergence on the momentum indicator suggests that caution is needed. The Nifty ETF has been portraying elevated risk as a move below 25 ,800 would be confirming completion of rising wedge setup, thus opening for downside potential of 11%. The upside momentum may be coming towards an end as...
Market Morning Notes For 26th September 2024
Markets managed to recoup early losses on Wednesday to end with modest gains above psychological barrier of 26,000 ahead of crucial F&O expiry. The Nifty ETF has been portraying elevated risk as a move below 25,800 would be confirming completion of rising wedge setup thus opening for downside potential of 11%. The upside momentum may be coming towards an end as Mutual Funds are forced to...
Market Morning Notes For 25th September 2024
Market activity remain cautious ahead of the crucial F&O expiry with Nifty facing hurdle at the psychological barrier of 26,000 while India VIX is seen steady accumulation at lower levels. From a trading perspective, the recent weakness in rupee against GBP and JPYINR may act as a major trigger for global unwinding in Indian stocks with Nifty tolerance at lower levels for reversal...
Market Morning Notes For 24th September 2024
Markets extended gains on back of upbeat global markets with Nifty closing above 24,900 led by gains from PSU Bank and Auto sector stocks. In the past few days, despite gains in Nifty, the India VIX has been going through a steady accumulation and has witnessed a surge of 5% in yesterday’s trading session. The gains in India VIX provides a early warning signal as institutions often resort of...
Market Morning Notes For 23rd September 2024
Markets for the week rallied further to post gains of nearly 2% with Nifty 50 outperforming the broader indices on back of a 50-bps rate cut from the U.S. Fed. The markets are seeing wide divergence with broader markets underperforming the key indices. The data setup in broader indices like Nifty100 Equal weighted Index suggest that the prices are still trading in the taper zone of rising...
Market Morning Notes For 20th September 2024
Nifty faced profit taking after a gap up opening at record highs but witnessed profit taking at higher levels. Bank Nifty continued its short-term outperformance against the Nifty wherein the index missed trading a fresh all-time high by a whisker. Global markets reacted positively overnight which is taken forwards as a more matured reaction to Fed’s interest rate reduction cycle...
Market Morning Notes For 19th September 2024
Markets remained under pressure with finally ending with losses of 0.2% ahead of crucial US Fed meeting. With Fed cutting rates aggressively by 50 bps, markets may react positively in initial phase but later is likely to succumb to selling pressure as it would hint of slower growth in the US economy. For Nifty, with evolution of rising wedge setup, the upper resistance for Nifty is seen in...
Market Morning Notes For 18th September 2024
Markets activity remained subdued with Nifty posting marginal gains to close above 25,400 ahead of the key US Fed Monetary policy meeting. The short-term data suggests prices are oscillating at upthrust zone of rising wedge and is prone to a larger reversal on close below 25,250. Globally, markets have discounted 50 bps rate cut in today’s Fed policy and we expect markets to sell off if...