Market Morning Notes 24th July 2024
Markets fell intraday over 2% on the Budget Day after announcement of increase in STT and LTCG but later recovered to end with losses of less than 0.25%. The India VIX also dipped sharply to fall towards the 13-mark signifying aggressive put writing at 24,400 levels. With formation of hammer pattern on candlestick, we expect this to act as an intermediate bottom with a target seen at...
Market Morning Notes 23rd July 2024
Market activity on Monday remained muted with Nifty ending with marginal losses but most importantly, the implied volatility of in-the-money call options surged beyond 24% levels. This sudden surge in implied volatility suggests that markets are expecting substantial announcements in the Budget which has ability to force Nifty towards 25,300. Adding to it, Brent crude has also declined to USD...
Market Morning Notes 22nd July 2024
Markets witnessed selling on the final day of the week, which wiped out most of the weekly gains and forced markets to settle with meager gains as traders avoided to take any fresh positions ahead of union budget. The coming week will be an eventful one with Budget on Tuesday which will likely dictate the next stage of the market move. Anticipation is high for continued government focus on...
Market Morning Notes 19th July 2024
Markets formed bullish belt hold line pattern on Thursday on candlestick after Nifty opened lower but managed to end almost at day’s high with gains of around 1% while broader market ended in the negative terrain. A move above 24,700 in Nifty has led to activation of range breakout with immediate upside target seen at 25,300. On the downside, support is seen at 24,500 which should be seen as...
Market Morning Notes 18th July 2024
Markets formed back-to-back doji star on Tuesday which is a sign of indecisiveness but with closing turning on positive side bulls had an upper end. Despite rise in India VIX, Nifty has been able to inch higher and a move above 24,700 could open gates towards 25,300 in the near term due to ‘range breakout’. We expect last leg of rally to be driven by defensive sectors like FMCG and Pharma...
Market Morning Notes 16th July 2024
Market opened on a positive note for the week, with Nifty post modest gains on the back of rebound in banking stocks, while the India VIX crossed above 14 mark ahead of Union Budget. At present, although Nifty has a room to rally to 24,800 but the short-term parameters suggest a highly overbought zone which may lead to sharp reversal in the coming days. An appearance of doji star in...
Market Morning Notes 15th July 2024
Markets managed to post weekly gains of around less than a percent on Friday after IT sector index surged nearly 5% to help Nifty surpass 24,500 mark while broader market movement remained subdued. With sharp slide in USDJPY on Friday, we expect selling pressure in Banking sector to continue with Bank Nifty expected to test 51,500. For Nifty, the upper range is seen at 24700 based on...
Market Morning Notes 12th July 2024
Market activity on Thursday remained range bound with Nifty trimming losses in the last hour of trade on the back of short covering forcing Nifty futures to end in marginal positive terrain. The outlook for market from hereon has turned cautious due to sharp decline in USDJPY below 160 and GBPINR crossing all-time high mark of 107.90 which may trigger fresh round of selling from FIIs. We...
Market Morning Notes 11th July 2024
Markets witnessed wider swings on Wednesday with Nifty declining over 250 pt in initial trade but managed to recover to finally end with losses of 100 pts. The rise in India VIX suggests that the market could remain under pressure for the next few days and a breach below 24,170 could trigger larger decline towards 23,700 in the coming days. Results Today – TCS Sensex Chart Stocks...