Market Morning Notes For 9th May 2023
Markets gapped higher on Monday and recouped entire losses of Friday to close at the highest point of the day. The one-bar reversal may have caught most call writers by surprise as a close above 18,250 is seen as a crucial beginning for the next 1000 pts up move in Nifty Index. After Monday’s closing, the spread between the Nifty 50- Nifty 500 index also points at a major breakout which may...
Weekly Market Report From 1st to 5th May 2023
Markets flat, HDFC twins correct on MSCI changes; Q4 results & macro data to dictate trend Indian markets remained highly volatile in the week gone by, as most of the gains witnessed during the week got surrendered in Friday’s session, as intense selling pressure was observed on the back of profit booking and ended on a flat note. Renewed buying by foreign institutional investors...
Market Morning Notes For 8th May 2023
Markets for the week ended on a flat note after Friday’s losses forced Nifty to retreat from 18270 on the back of selling from HDFC twins. Friday’s decline can be considered as a temporary pause before we see main indices marching beyond 19000. The strengthening of the Nifty Alpha low Volatility Index even on Friday’s trading session clearly shows the divergence of fund flow towards low...
Market Morning Notes For 5th May 2023
Markets posted smart gains on Thursday despite a subdued opening but the final closing was well above 18,200 in Nifty terms. With the formation of a bullish belt hold line pattern on the daily candlestick expect more bullishness for Nifty in today’s trading session. Yesterday’s high of 18,267 is likely to act new trigger for follow-up buying with today’s potential target seen above 18,350....
Market Morning Notes For 4th May 2023
Markets paused the rally after six straight sessions of gains ahead of a crucial Fed meeting on Wednesday. The Fed hiked key rates by 25 bps and hinted that it may be the final move. The Nifty managed to sustain above the crucial breakout zone of 18050 and we expect the next leg of the rally to easily cross the 18900 mark. Today, despite a lower opening, we could see buying which could be...
Market Morning Notes For 3rd May 2023
Markets extended gains on Monday with Nifty closing convincingly above the May month high of 18089 with the broader market outperforming main indices. The short-term setup in Nifty has also confirmed the breakout from a broadening expanding wedge which projects a minimum target of 19300 and a new base is seen at 18050. The sudden surge in India’s VIX by 5% may be considered a short-term...
Market Morning Notes For 2nd May 2023
Markets for the month of April ended with gains of more than 4% mainly on the backdrop of sharp rebounds from low-volatility stocks, with FMCG leading from the front. A monthly close above 18050 levels in Nifty has opened gates for quick reflexes towards 19000 in the coming days as the significant short covering is expected after prices surpassed Friday’s high. The lower reading in...
Decoding Major Deductions Under Old Tax Regime
As per the data, more than 2 crore taxpayers in the age group of 18 to 35 years filed their Income Tax Returns (ITRs) in FY 2022-23. In the Budget 2023, the Central Government announced that annual income of up to Rs. 7 lakhs would be tax-free under the New Tax Regime. This is along with the standard deduction of Rs. 50,000/- under the New Regime, which will make income up to Rs. 7.5...
Market Morning Notes For 20th April 2023
The market movement remained range bound on Wednesday but Nifty managed to sustain above 50 & 200 DMA despite selling pressure at higher levels. Markets are in pause mode currently before the upswing resumes towards 19500. We expect the bias to remain positive while India VIX may drift to 9 levels first and thereafter Nifty 50 catches positive momentum. Dollex 30 ie Sensex in...