Weekly Market Outlook From 4th Dec to 8th Dec 2023
Nifty hits 21K mark; Fed, BoE, ECB meetings in focus Benchmark indices gained for sixth straight week on back of strong macroeconomic data, optimism surrounding U.S. rate cut in March, and the ruling BJP’s win in three key state elections. Global markets were firm buoyed by improved sentiments worldwide regarding the end of the rate hike cycle. The Nifty ended up 3.5 pct to 20,969...
Market Morning Notes For 11th Dec 2023
Markets for the week extended gains for the sixth straight week with Sensex posting gains of 3.5% on back of strength emerging in Service Sector Index. The Breakout in Nifty Service Sector Index which holds 53% weight in Nifty 50 index provides key trigger for further extension of rally. At present, Sensex on weekly chart has posted third degree negative divergence as Sensex approaches...
Market Morning Notes For 8th Dec 2023
Markets ended with marginal losses after 7 days of consecutive gains led by profit booking in Banking stocks while USDINR continued to trade above breakout zone of 83.30 levels. The Sensex has been trading from touch away distance from rising resistance line while Nifty 50 has already tested the same. At present scenario, major risk for Indian markets comes from appreciating Japanese Yen...
Market Morning Notes For 7th Dec 2023
Markets extended gains with Nifty closing above 20,900 on the back of surge in Nifty IT index which was up by more than 1.5% while profit booking was seen Nifty Bank. The daily RSI in Nifty 50 Index has reached extreme overbought zone to record high levels of 84 on back of short covering in Nifty Call options and with India VIX closing above 13.5. The risk of quick reversal in the coming days...
Market Morning Notes For 6th Dec 2023
Markets on Monday broke out from triple top formation after opening with breakaway gap and followed with significant higher closing in past few days. The short covering in Nifty Bank acted as a key catalyst for forcing Nifty journey beyond 20,500. The recent Breakaway gap appearing after extended up move has the ability to turn into exhaustion gap, if prices close below 67,411 in Sensex and...
Market Morning Notes For 4th Dec 2023
Markets extended gains for the fifth straight week after optimism prevailed on back of exit poll results with Sensex posting bullish belt hold bar on weekly basis. Sensex, which was just inches away from all-time highs may be opening with gap up after 3-1 victory in state elections for the BJP and may be forced to test 1.5% higher resistance line of 68,415. The weekly RSI which is showing...
Market Morning Notes For 1st Dec 2023
Markets managed to end with gains after initial hiccups and continued to remain 1% away from the all-time high in Sensex terms with 67,532 turning out to be an important hurdle. The Sensex carries high importance in terms of levels as changes were less frequent in Index components. In the past few days, markets have already rallied ahead of The sustained breakout in India VIX suggests...
Market Morning Notes For 30th Nov 2023
Markets cleared hurdle of intermediate top on Wednesday by breaching resistance of 66,592 in Sensex led by gains in Bank Nifty which shot up 1.4% on expectation of a positive outcome in favour of the incumbent in the state elections. The surge in market has occurred on the back of India VIX crossing above 12.5 mark which has activated major breakout after trading sideways since May 2023. The...
Market Morning Notes For 29th Nov 2023
Markets managed to post gains on Tuesday with Nifty rallying by 0.5 while gains in Sensex was restricted to less than 0.3%. The Sensex is approaching its intermediate peak of 66,592 and should act as a trigger for confirmation of trend. At present for trend reversal, Sensex needs to close above 66,592 to come out with formation of lower tops and lower bottom. The sudden rise in India VIX...