Market Morning Notes For 11th June 2024
Markets tested all time high on Monday, but euphoria failed to extend further despite being swearing in by PM Modi and was followed with a negative closing in the Nifty below 23,300. The sharp drop in India VIX below the 17 mark clearly indicates that markets have seen new base building at the 23,000 mark and we expect rally in the Nifty to extend further to test 24,200. However, we expect...
Market Morning Notes For 10th June 2024
Nifty gained 2 pct on Friday’s session to end the week higher by 3.4 pct after substantial volatility with wide swings seen on a weekly basis. Nifty is out of the 23,000-23,200 range and is now open for an upside of 23,500-23,800 on an immediate basis, with support being trailed sub-22,800. Nifty Bank too recovered from its intra-week low where it took support at the 200 DMA. Overall,...
Market Morning Notes For 7th June 2024
Nifty traded in a broad 1% band yesterday but remained highly volatility on account of its weekly expiry session clubbed with a high VIX environment. Overall, we reiterate the view shared yesterday that the breather rally is likely to extend higher with optimistic target seen towards 24,000 in Nifty and Nifty Bank towards 54,000. RBI policy outcome is expected today. Markets have priced in a...
Market Morning Notes For 6th June 2024
Markets triggered a relief rally on expectations that Mr. Modi will swear as PM on 8th June with Nifty surging 3% while Nifty Bank gaining by 5%. With India VIX declining sharply by 30%, we expect the breather rally to extend higher with optimistic target seen towards 24,000 in Nifty and Nifty Bank towards 54,000. Going forward, we expect wide divergence to occur whereby midcap and small cap...
Market Morning Notes For 5th June 2024
Markets tumbled sharply on wide disappointment as BJP failed to cross the 250-mark leading to Nifty breaching key support of 22,540 and was followed with closing below 22,000 mark. In the next few days, markets are likely to go through high volatility with midcap and small cap indices expected to witness diversion of funds to safety especially to FMGC and Pharma sectors with Nifty expected to...
Market Morning Notes For 4th June 2024
Markets reacted positively to exit poll numbers leading to a gap up opening well above 23,000 mark and settled with gains of over 3% in Nifty 50 terms while Bank Nifty surged to 4%. After yesterday’s up move, Nifty has thrown a hanging man formation on candlestick which generally earmarks a reversal pattern, and markets are likely to see major decline if the actual numbers fall below the exit...
Market Morning Notes For 3rd June 2024
Markets for the week ended lower by almost 2% to form a dark cloud cover on the weekly candlestick chart as participants turned cautious ahead of exit polls and most mutual funds raising cash levels in their schemes. After the exit poll clearly stated one sided victory to BJP, markets are poised to open 4% higher towards 23,500. We expect major outperformance coming from Bank Nifty as Bank...
Market Morning Notes For 31st May 2024
Markets witnessed 1% cut on back of uncertainty ahead of the election outcome with risk of NDA not gaining complete majority created in a tremble in broader market but Nifty Bank managed to settle with gains of 0.4%. With Brent crude trading lower below USD 82 a bbl and weak Chinese PMI data, expectation of another stimulus from China is around the corner. For Nifty, large cap stocks are...
Market Morning Notes For 30th May 2024
Nifty ended with nearly 200 points cut and closed below its previous 2 session’s lows. Volatility is expected to persist in the coming days. India VIX continues to remain elevated at 2- year highs as markets await the outcome of the general election. Bank Nifty widely underperformed Nifty in its monthly derivative expiry session yesterday. Oil prices settled lower Wednesday, as...