Market Morning Notes For 9th October 2024
Markets managed a rebound with gains over 1% on back of unexpected victory to BJP in Haryana Assembly elections with Nifty holding the support of 24,700. The short-term oscillators although hints at an oversold terrain for Nifty but rebound is unlikely to extend beyond 25,285 as downside projection of rising wedge of 22,800 is yet to be completely established. The overall strategy remains...
Market Morning Notes For 8th October 2024
Markets drifted further lower with Nifty declining below 24,800 led by selling in broad based market. With Brent crude rising beyond USD 80 a bbl amidst escalation of Israel -Iran crisis, the impact could be felt on operating margins of the corporates in coming quarters if the levels sustain at these levels. Overall, outlook suggest Nifty may trigger free fall below 24,700 with immediate...
Market Morning Notes For 7th October 2024
Markets for the week succumbed to selling pressure after failure to sustain above 26,000 mark in Nifty and was followed with sharp decline over 4% on back of unrest in the Middle East. The weekly setup turned out to be bearish belt hold line pattern suggesting a major reversal and a close below 25,160 is likely to trigger follow-up selling in the near term with potential target seen at...
Market Morning Notes For 4th October 2024
Markets activated major breakdown on breach of 25,500 with Nifty 50 ending lower by 2% mainly on the back of unrest in Middle East. Nifty continued the selling pressure on its weekly expiry session, which has commenced from the start of this truncated week. Index shaved off over 500 points yesterday making fresh day low every hour in trade. For Nifty, the larger setup suggest that it is...
Market Morning Notes For 3rd October 2024
Markets activity remained range bound on Tuesday with initial attempts to regain above 25,880 in Nifty was met with major resistance to finally end on a flat note. The attack on Israel from Iran is likely to trigger major selling in Indian markets if the issue escalates. Overall, the setup in markets suggest selling pressure is expected to aggravate further below 25,500 with a potential...
Market Morning Notes For 1st October 2024
Markets succumbed to selling pressure with no major trigger seen from global markets as Nifty declined more than 1% to finally settle below the crucial support of 25,880. The implication of close below 25,880 implies that the upthrust has been confirmed in the widely followed NIFTY Benchmark ETF which opens the door for a further decline of 11-12% in a quick span of time. We expect...
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...