Market Morning Notes 10th July 2024
Markets managed to post gains on Tuesday to help Nifty close above 24,400 with maximum gains attributing to Auto sector while India VIX surged more than 5%. In the past few days, India VIX has already rallied from 12.5 to 14.5 thus increasing the risk of a correction. However, the larger correction may only be triggered if Nifty 50 breaks the 24,170 mark. On the upside, the upper range of...
Market Morning Notes 9th July 2024
Market activity on Monday remained muted with Bank Nifty ending in negative terrain while Nifty 50 managed to recover in the last hour of trade to end with small doji star on candlestick. As markets have entered into major resistance zone, a surge in India VIX can be an alarming signal of a larger market decline. In the short term, crucial support is seen at 24,170 below which, we may see a...
Market Morning Notes 8th July 2024
Markets for the week ended with gains of over 1% to help Nifty close above 24,300 despite crude prices posted gains for the fourth week in a row. From the current juncture, the risk for Indian markets remains elevated and a 4% down move in USDJPY is likely to trigger major unwinding pressure in Indian markets. From a short-term perspective, 24,170 is seen as a key support below which the...
Market Morning Notes 5th July 2024
Markets cooled from day’s high in the last hour of trade to finally settle with marginal gains above 24,300. With sustained rally in the past few days, the short-term oscillators are in overbought condition and correction back towards 24,000 is not ruled out in the coming days. Overall outlook for market may turned bearish if USDJPY see a breach below 160 mark. Nifty 50 Chart Stocks...
Market Morning Notes 4th July 2024
Markets extended its uptrend with the Nifty comfortably holding above 24,000 levels and the Sensex surpassing 80,000 mark in intraday trade. Nifty is right now in its 5th consecutive week wherein it has not closed even a single session below its previous day’s low. A huge outperformance from Bank Nifty was seen against Nifty in its weekly expiry session yesterday owing to the spike...
Market Morning Notes 3rd July 2024
Markets cooled off from the day’s high on Tuesday to close in marginal negative terrain while the Bank Nifty suffered deeper cuts of around 1%. With Nifty comfortably holding above 24,000, the upside potential towards 24,700 still remains intact and a sharp fall in JPYINR may act as a catalyst for the current rally to continue further. We expect positive momentum to accelerate above 24,237...
Market Morning Notes 2nd July 2024
Markets extended gains on Monday with the Nifty comfortably cementing its positions above 24,000 with the FMCG sector gaining momentum along with broader markets. The Brent crude has surpassed the USD 85 a bbl mark and may pose major risk to emerging markets on move past USD 90 a bbl. For Nifty, the upside target of 24,750 remains a likely outcome in the coming days given sharp weakness seen...
Market Morning Notes 1st July 2024
Markets for the month of June ended with gains of 6.5% after a volatile month, but the larger setup has turned out to be a hanging man on the candlestick chart. Traders often look for confirmation in subsequent trading sessions to validate the bearish signal of the hanging man pattern, which could involve looking for a lower close or further downside movement in the following candles. The...
Market Morning Notes For 28th June 2024
Markets advanced for the fourth straight day with Nifty June derivatives expiry occurring above the 24,000 mark while Bank Nifty ended in marginal negative terrain. The buying momentum in Nifty will likely accelerate towards 24,750 due to three white soldiers, but we expect selling pressure in midcap and smallcap to resume. Nifty 50 Chart Stocks To Watch Positive Read...