Pre Market Analysis – 15th Nov 2021
Market for the week ended with gains of around 1% after sharp rebound on Friday which forced Nifty to close above 18,034 which is a crucial resistance levels. After Friday’s up move, the support line of expanding wedge is now placed at 17,945 and should be seen as a key breakdown levels for the coming days. On the other hand, with formation of weekly hammer pattern, the upside resistance for...
Pre Market Analysis – 12th Nov 2021
Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. The Nifty broke below key support of expanding wedge which was placed at 17895 on closing basis and Bank Nifty testing its 50 DMA. The volumes shrunk in yesterday session with Non Institutional volumes crashing down to 36000 crore from avg 55000 crore due to continuous FII...
Pre Market Analysis – 11th Nov 2021
Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international...
Pre Market Analysis – 10th Nov 2021
Markets failed to carry the positive momentum ahead on Tuesday despite trading above 18034 for most part of the trading session with final tally ending with marginal negative terrain. The 18034 levels is considered very important pivot in fight amongst bulls and bears that we may see prices triggering wild downswing and breaking the support of expanding wedge placed at 17895, If there is a...
Pre Market Analysis – 9th Nov 2021
Markets rallied on Monday on positive global cues with Nifty gaining more than 1% in USD terms after U.S. democrats passed USD 1 trillion infrastructure bill which forced Nifty to settle above the key resistance of 18,034. A hanging man formation was also seen on Monday after prices gapped up, and then turned negative and recovered to close at day’s high which is a sign of indecisiveness. For...
Pre Market Analysis – 8th Nov 2021
Markets for the week ended with gains but remained range bound as it struggled to sustain above 18034 despite positive global markets. The rebound has occurred after two week of consecutive losses and should be seen as a mere pullback. The Nifty has already activated major breakdown below 18034 with immediate target seen at 16500 in the near term. Thus, one should adopt caution in next few...
Pre Market Analysis – 2nd Nov 2021
Markets rebounded on Monday on back of positive sentiment amidst festival cheers with Nifty attempting to test crucial resistance of 18034 which it violated last week. The volume on Monday remained lower due to muted activity from FII but with BNY India ADR Index trading a mere 1.5% away from major breakdown, one needs to remain ultra-cautious despite optimism by domestic players. The Brent...
Pre Market Analysis – 1st Nov 2021
Markets for the week traded cautioys with Nifty declining by 2.5% mainly on back of aggressive selling by FIIs. The FIIs have been sellers worth Rs 46,000 crore in cash and future segment for the month of October. With Nifty violating 18,034 on closing basis and montly setup turning into bearish gravestone doji, Nifty has activated major downtrend and we can easily expect Nifty to slide...
Pre Market Analysis – 29th Oct 2021
Markets witnessed sharp sell off on Thursday after domestic buying failed to offset FII selling and Nifty failed to cross important resistance of 18377. The weekly bearish dark cloud cover in Nifty 500 index has finally taken toll on markets with Nifty surrendering & closing convincingly below 18034. With Bank Nifty plunging around 3.5%, the last pillar of strength has collapsed and we...