Market Morning Notes For 09th January 2023
Markets last week ended with losses of around 1.5% but violated key support of 59754 in Sensex which turned out to be the lower shadow of the ‘Bearish Engulfing Line’ on a monthly basis. Such price action along with a sharp drop in retail volume towards Rs 25000 cr and sustained closing below 50 DMA are indications of an upcoming severe downtrend in the Indian markets. The FII selling...
Market Morning Notes For 06th January 2023
Markets remained under pressure on Thursday but managed to recoup part of losses to settle around 18000 levels. The non-institutional turnover has shrunk to a 6-month low yesterday to Rs 24000 crores which signifies that the defenses of the Indian stock market may soon be broken. The larger setup points towards a 20% decline in the near term and ideally the turnover should further...
Market Morning Notes For 05th January 2023
Markets witnessed major selling pressure on Wednesday with most of the key indices declining around 1% ahead of Fed minutes despite global equities turning unchanged. The Fed minutes stated that Fed officials’ intent on lowering inflation back towards their 2% target is at risk of rising unemployment and slow growth. The FIIs suddenly dumped around Rs 7300 crores (Cash + Futures) after...
Market Morning Notes For 02nd January 2023
Markets for the month of December settled below key support of 18130 thus confirming the ‘bearish engulfing line’ on the monthly chart after a sharp selloff in the last hour of trade on Friday. The selling pressure was mainly seen due to sharp appreciation in JPY which poses the risk of a major meltdown in Indian markets. With USDJPY declining further to 131 and MSCI India Net USD...
Market Morning Notes For 30th December 2022
Markets rallied on low volumes to regain its control above the key support of 18130 as we approach the monthly closing. The gains were mainly on the back of a rally in Nifty Bank but the broader market lacked strength at higher levels. One key reason for the recovery in the market was on the back of minor weakness in JPY where USDJPY rebounded from 131 to 134 however after yesterday’s...
Market Morning Notes For 29th December 2022
Markets ended on a flat note after the initial attempt to cross 18200 which turned out to be 38.2% of the recent down move and closed below the crucial support of 18130. Closing below 18130 for the Month of December should be seen as a sign of a major trend reversal with the formation of a ‘Bearish Engulfing line’ on the monthly chart. The leading cause of worry for Indian markets is the...
Market Morning Noted For 14th December 2022
Markets rallied on Tuesday to regain its control above the key resistance of 18580 on the back of upbeat global markets and a surge in USDJPY. The lower-than-expected US CPI data bolstered hopes that the Fed may not have to raise rates further todays expected 50 bps hike. However, US markets came off the highs to end with marginal gains after Dollar Index fell sharply. Wall Street closed...
Market Morning Noted For 13th December 2022
Markets ended unchanged on Monday after the initial gap-down opening while broader markets outperformed key indices. Overall global markets have turned cautious ahead of the U.S. Fed meeting on Wednesday with the expectation of a 50 bps rate hike. For Nifty 50, the ideal strategy would remain to buy on a decline with stop-loss placed at 18100 and Target placed at 19867. The key trigger to...
Market Morning Notes For 9th December 2022
Market activity remained range bound with the Nifty 50 Index regaining above the key support of 18580 on the back of gains from Bank Nifty. The lower crude prices are providing a necessary cushion for Indian markets to stay afloat at higher levels however sudden drop in non-institutional volumes from Rs 35000 cr to Rs 26000cr is a sign of concern that the liquidity is waning out. For,...