Market Morning Notes For 26th June 2024
Benchmark indices scaled new high with Nifty up by 0.8 pct solely led by gain in Bank Nifty which gained 1.7 pct. Private banks outperformed PSU banks as value buying emerged with ICICI Bank entering the USD 100 bn m-cap club. We expect the outperformance in Bank Nifty to continue further with an expected target of 55,000. Any decline in markets to be used to add positions in large private...
Market Morning Notes For 25th June 2024
Markets regained momentum on Monday after the initial gap down opening with gains led by FMCG and Auto sector to help Nifty regain above 23,500 levels. Major short covering was seen in Bank Nifty futures as discount in futures was transformed into premium ahead of the F&O expiry in the week. Bank Nifty holds maximum potential to surpass 55,000 in the near term and help Nifty to meet its...
Market Morning Notes For 24th June 2024
Markets for the week ended on a flat note with Nifty cementing its position above 23,500 while Bank Nifty witnessed major outperformance by gaining more than 3%. The major cause for outperformance can be attributed to sharp decline in JPYINR and based on current momentum, we expect Bank Nifty to surge higher towards 55,000. As India VIX is comfortably placed around 13 mark, any decline in...
Market Morning Notes For 21st June 2024
Market witnessed modest gains led by banking sector with broader markets rallying in the last hour of trade as the Nifty comfortably cemented its position above 23,500. The triangle breakout in Bank Nifty still opens further scope of upside by another 7% with target seen beyond 54,000. For Nifty, the upmove could be staggered with target range seen between 24,500-24,700. Nifty 50...
Market Morning Notes For 20th June 2024
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Market Morning Notes For 19th June 2024
Markets on Tuesday advanced further to cross above 23,500 in Nifty, while Bank Nifty accelerated further to outperform the key indices in the last hour of trade. The Bank Nifty has fully established a larger triangle breakout, which has opened up space for another 9% upmove in the coming days. The sharp decline in JPYINR and lower reading in India VIX below 13 should act as a coincidental...
Market Morning Notes For 18th June 2024
Markets managed to post weekly gain after formation of long legged doji with Nifty closing convincingly above the resistance of 23,400. With activation of channel breakout, the buying momentum is expected to accelerate further, and Nifty could be positioned for crossing 24,600 in the coming weeks on the back of short covering. The Bank Nifty, which so far remained laggard, has also managed...
Market Morning Notes For 14th June 2024
Market activity remained subdued on Thursday with indices coming off from day’s high but managed to end in the positive terrain near 23,400 in Nifty while India VIX saw a further decline of 3%. A higher high has been established after a tri-star doji which ensures shift in momentum from sideways to positive. The short-term upside for Nifty is seen at 24,700 with gains expected to be mainly...
Market Morning Notes For 13th June 2024
Markets formed tri-star doji after prices traded in a narrow range but came off the day’s high to finally settle with modest gains. As Nifty is firmly trading above channel breakout, we expect next leg of the upmove to extend towards 24,650 based on the channel projection. The tri-star doji pattern occurs after a sustained uptrend or a downtrend. It is crucial that there is a clear trend for...