Market Morning Notes For 11th Oct 2023
Markets rebounded on Fed’s dovish stance with Nifty surging higher to regain above 50 DMA rallying by 1% on volumes which were lower than average. The resistance line for Nifty has moved higher from here on to 19,800 and should be seen as important hurdle to regaining of positive momentum. Yesterday’s rebound was mainly on the back of major gains in Bank Nifty which saw sharp surge after...
Market Morning Notes For 10th Oct 2023
Markets succumbed to selling pressure on Monday on back of tensions in middle east due to Israel-Hamas war with Nifty declining towards 19500 but broader markets like Midcap and Small cap index witness deeper cuts. The outlook for markets remains cautious at the current juncture and all eyes would be on movement in Brent crude prices which is showing signs of major bottom at 84. For Nifty, as...
Market Morning Notes For 9th Oct 2023
Markets for the week ended with marginal gains to form a hammer pattern on weekly candlestick chart after Nifty rebounded from lows of 19,333. The sharp fall in crude prices is the reason for the recovery in Indian markets but sentiment is likely to turn bearish after recent attack on Israel which has risk of escalation to a war with Iran in near future. For Nifty, 19,730 is seen as a...
Market Morning Notes For 6th Oct 2023
Markets managed to hold gains on Thursday after opening with rising gap and ended with spinning top pattern on candlestick which also indicates signs of indecisiveness. At present, markets are nervous and are currently trading at crucial juncture with major breakdown visible on a move 1% below yesterday close. Global indices like Dow Jones and US Small Cap 2000 have already confirmed start of...
Market Morning Notes For 5th Oct 2023
Markets opened gap down on Wednesday but managed to recover from lows of 19333 in Nifty 50 to finally end with losses of less than 0.5 pct. The Sensex formed “Hammer” pattern on daily candlestick indication some buying attempt at lower levels but with massive quantum of selling from FII (Rs. 44,000 mn in cash market & Future segment) expect rebound to remain unsustainable. The Next Notes...
Market Morning Notes For 4th Oct 2023
Markets on Tuesday although restricted losses to the extent of 0.6%, but the spread of Nifty 50-Nifty 500 Index has violated the long-term support which may force aggressive shorting in Indian markets through index and stock futures. Previously in August end, markets managed to post strong rebound when the spread of Nifty 50-Nifty 500 Index reversed from the similar support. After yesterday’s...
Market Morning Notes For 3rd Oct 2023
Markets for the month of September settled with gains of 1.3% after an initial attempt to surpass the 20,000 mark in Nifty and later ended with the reversal formation of an inverted hammer on a monthly candlestick chart. An appearance of an inverted hammer after a bearish engulfing line poses a serious threat to the markets as it displays the inability of bulls to sustain higher levels. Any...
Market Morning Notes For 29th Sept 2023
Markets witnessed a sharp decline on expiry day on the back of intense FII selling with Nifty declining convincingly below 50 DMA after losses of close to 1%. The selling was also visible in the broad-based index due to which the spread of the Nifty 50- Nifty 500 index did not break important support. Today being the monthly close, if Sensex closes below 65,850, it will reconfirm the bearish...
Market Morning Notes For 28th Sept 2023
Markets rebounded from crucial support on Wednesday to honour 50 DMA in the Nifty 50 Index despite global markets ending in deep red. The rebound in Indian markets has occurred from exactly same time when the spread of Nifty 50-Nifty 500 was on verge of activation of major breakdown which would have forced most of hedge funds to initiate aggressive hedging by shorting Index futures. In...