Weekly Market Report from 19th August to 23rd August 2024
The Indian stock market benchmarks had a calm day of trading on Friday staying within a tight range and key indices Nifty and Sensex closed at 24823 (up by 0.05 pct) and 81086 (up by 0.04 pct), influenced by potential rate cuts by Fed Chairman Powell. However, tensions in the Middle East stayed on investors’ minds as fighting continued in parts of Palestinian territory. U.S....
Market Morning Notes For 26th August 2024
Markets managed to extend gains around 1% for the week on the back of Fed minutes pointing out to rate cut in September, which helped Nifty to cross 24,800. However, although the implied volatility has dropped below 13.5, the realized volatility of average 30 days has been trading above 13.5 and has been rising. This behaviour indicates markets are in complacent mode and a move below 24665 is...
Market Morning Notes For 23rd August 2024
Markets activity remained muted with Nifty ending with modest gains above 24,800 despite cooling off from days as markets have already discounted September Fed rate cut. At present, the Indian markets is seen overstretched comparable to global indices, key risk may emanate from breakout in realized volatility of Nifty in JPY terms. Crucial support for Nifty is seen at 24,650 below which,...
Market Morning Notes For 22nd August 2024
Market activity remained range bound on Wednesday with Nifty ending with modest gains while Bank Nifty continued to remain under pressure and closed below 50,700 levels. The Fed minutes yesterday signalled a strong case for rate cuts which led to further decline in the Dollar Index. The weak dollar index has already forced GBPINR and EURINR to record high levels and the Indian markets may...
Market Morning Notes For 21st August 2024
Markets managed to put up gains on back of contribution from IT sector with Nifty ending near 24,700 thus closing the breakaway gap. At present juncture, risk for Indian markets emerge from strengthening of GBPINR and EURINR after reaching all time high and have entered in breakout zone appearing during 2013 thus posing sudden upside risk of 10-15% in short span of time. In emerging markets,...
Market Morning Notes For 20th August 2024
Markets witnessed range bound movement on Monday with Bank Nifty ending in losses while Nifty managed to post modest gains on back of upbeat global markets. With EURINR and GBPINR hitting all time high today, this may turn out to be litmus test for Indian markets how it deals with depreciating rupee. Both the currencies are on a verge of a major breakout and could trigger knee jerk spike of...
Market Morning Notes 19th August 2024
Markets for the week managed to end with gains of less than 1% after positive US data provided hints of lower risk of recession. On weekly chart, Nifty continued to form a diamond top setup with reversal expected below 24367. The major risk for Indian markets comes from weakness of rupee against yen, Euro and GBP as this move may force global investor to liquidate equity holdings for...
Market Morning Notes 16th August 2024
Markets activity remained lacklustre on Wednesday, with Nifty ending unchanged while Bank Nifty continued to extend losses. The short-term support for Nifty is seen at 24,100 below which we expect selling to extend towards 22,500. The recent rebound in USDJPY has provided some short-term relief for the Indian markets but the larger setup of global markets is still positioned for a major...
Market Morning Notes 13th August 2024
Markets failed to trigger larger decline despite Hindenburg revelation on SEBI chief with Nifty managed to recoup most of losses and ended on a flat note. At present, the key risk for Indian markets remains from movement in Japanese Yen and we expect Nifty to trigger follow-up selling towards 22,500 on back of JPYINR rising above 57.50. In the past few days, crude prices have seen surge of 8%...