Market Morning Notes For 8th Jan 2024
Markets for the week ended with doji star formation after prices oscillated in a narrow range to finally close in marginally negative terrain. As doji star has occurred near the resistance zone of rising channel, markets are prone for a sharp reversal in the coming days. In order for Sensex to accelerate positive momentum, Sensex needs weekly closing above 72,600. On the downside, lows of...
Market Morning Notes For 5th Jan 2024
Markets reversed Wednesday’s losses with gains coming from Reality and Financial stocks helping Nifty close higher by more than 0.5% with strength emerging from broader markets. The gains were seen across emerging markets on expectation of dovish outlook in Fed minutes. However, considering overbought positions of Indian markets, we may experience major slide once Sensex closes below 71,350....
Market Morning Notes For 4th Jan 2024
Markets witnessed selling pressure on Wednesday with Sensex violating key support of 71,483 on back of selling in technology stocks while financials managed to recoup losses in the last hour of trade. The outlook after Sensex close below 71,483 has turned cautious and we expect upper band of channel to act as a resistance in the near term. On the downside, prices may approach to re-test 50...
Market Morning Notes For 3rd Jan 2024
Markets remained under pressure on Tuesday on back of selling pressure in Nifty Bank but recouped losses in last hour of trade to end with loss of less than 0.4%. The sectors namely metals and pharma managed to outperform key indices while financials turned out to be a major drag. At the current juncture 71,483 is likely to act as a crucial support below which we can expect selling pressure...
Market Morning Notes For 2nd Jan 2024
Markets ended with marginal gains on Monday on back of lower volumes on first day of the year with FMCG index outperforming most of major indices. At present, the Sensex has been hovering at upper end of channel with formation of negative divergence in RSI, this may indicate that the market is prone to profit booking in the coming days. Also, sustenance of India VIX above 14.5 mark is a cause...
Market Morning Notes For 1st Jan 2024
Markets for the month of December turned out to be best month for the year after Sensex posted gains of around 8% on the back of US Fed turning from hawkish to Dovish and pricing aggressive rate cuts for 2024. The major positive trigger for Indian markets was seen from decline in Brent crude prices and US 10-year bond yield but risk arising for rising EURINR, JPYINR and GBPINR still has...
Market Morning Notes For 29th Dec 2023
Markets scaled to new highs on Thursday with Nifty closing above 21,750 with major contribution from Bank Nifty and Metal Index. The India VIX scaled to 9-month high of 16.47 and though reverted back in negative, it signifies added risk in system. From the current levels, further upside room could be capped to 1.1% for Nifty index as Gold prices has also triggered major breakout. On the...
Market Morning Notes For 28th Dec 2023
Markets scaled another all-time highs after Nifty Bank crossed above the crucial hurdle of 47,810 to post gains of over 1% along with backing from metal and FMCG sectors. With expectation growing of aggressive rate cuts from the U.S Fed in 2024, precious metals and base metals also witnessed significant gains in the international markets with gold prices inching closer to USD 2100 an oz. From...
Market Morning Notes For 27th Dec 2023
Markets extended gains on Tuesday on back of gains from metals and a rebound in banking sector to help Nifty reconquer 21,400 levels. The breakout in India VIX above 14.5 levels has opened for the scope for a sharp volatility in the near term with Sensex expected to face selling pressure on a breach below the support line of 70,400 with MACD on verge of generating negative crossover from the...