Market Morning Notes For 11th July 2023
Markets activity remained range bound as Nifty struggled to cross above 19500 due to weakness in Banks. The outlook for market remains cautious with major trend reversal support seen at 19200 while resistance is seen in the range of 19500-19600. We expect market to see base buildup around 19200 (will remain rangebound) before we see sustainable up move in the near term. Sensex Chart...
Market Morning Notes For 10th July 2023
Markets last week reacted from highs of 19,523 to form a shooting star on the weekly chart mainly on the back of weakness from rupee and selling in global markets. Applying ‘The Elliot Wave principle’ in Sensex suggests that the market still has upside room left before peaking but in the short term Sensex may correct further in the range of 1.2-1.7% from current levels. The lower reading in...
Market Morning Notes For 7th July 2023
Markets managed to post gains despite a surge in USDINR above 82.5 with Nifty scaling to new all-time high breaching the last two days of doji stars. The USDINR is expected to play a critical move in the coming days as weekly closing above 82.60 should open gates for up move towards 88, which is likely to derail momentum in equity markets. The crucial support for Nifty is seen at 19200 below...
Market Morning Notes For 6th July 2023
Markets remained unchanged on Wednesday after trading remained in a narrow trading range while Midcap and Small cap indices managed to outperform key indices. Nifty has been struggling to sustain above 19,400 after a rise in India’s VIX levels above 11.5. We can expect Nifty to see a short-term correction towards 19,200 before we see a resumption of up move towards 19800. Sensex...
Market Morning Notes For 5th July 2023
Markets formed a doji star on Tuesday with Nifty advancing for a sixth consecutive trading session while the breadth of the market remained negative. Doji star is seen as a sign of decisiveness and often acts as a warning signal before the actual top in the market. After the recent up move, markets seem to have stretched the upper limit and may witness a sharp reversal on close below 19100....
Market Morning Notes For 4th July 2023
Markets extended gains on Monday with the rally restricted mainly to Sensex Top 9 stocks helping Nifty to close above 19,300. The rise in India VIX along with the market move indicates caution at current levels as demand for hedges may prompt for sudden correction in the market. For Nifty, although a further upside towards 19,786 is not ruled out the possibility of such an event is remote. We...
Market Morning Notes For 30th June 2023
Markets rallied to an all-time high on Wednesday with FII turning net buyers to the tune of Rs 12000 crores in the spot market and major gains were seen from cumulatively from the Top 9 stocks within Sensex. For Nifty, the immediate target is seen at 19200, and beyond the same, we expect the rally to extend towards 19700. On the downside, support is seen at 18800 and should be considered as a...
Market Morning Notes For 28th June 2023
Markets surged on the back of gains from HDFC group stocks as Nifty 50 regain its control above 18,800 with FII suddenly turning net buyers to the tune of Rs 6000 crores (Spot + Future). The next rally in Nifty towards 19,700 is likely to be concentrated from top market cap stocks within Sensex. The price data of the top 9 stocks in Sensex shows rectangle consolidation which began from 1st...
Market Morning Notes For 27th June 2023
Markets ended with a marginal gain after trading in a narrow range on Monday and formed a small doji star on a candlestick. There is strong support seen in Sensex at 62802 which turned out to be low on 20th June 2023 and if this support is held on even in today’s trading session, we expect weekly closing to occur with gains of 2-3% over the previous week. In Nifty 50 spot terms, the...