Pre Market Analysis – 26th Oct 2021
Markets turned volatile on Monday with broader indices likes midcap and small cap index continued to plunge lower with losses of more than 2% while Nifty ended on a flat note mainly on back of rebound in Bank Nifty. With Nifty breaching Friday’s low of 18034, selling intensified across the board with advance decline ratio standing at 3:17 by the closing. With lower low after weekly bearish...
Pre Market Analysis – 22nd Oct 2021
Nifty has ended below its previous day low for the 3rd straight day, but a 180 point rally in the last hour of trade, suggests that the relief rally could continue on the index in today’s trading session. The Bank Nifty was a clear outperformer in yesterday’s session, it not only made a fresh all time high by rallying nearly 1.5% in the last hour of trade, but also posted the highest ever...
Pre Market Analysis – 18th Oct 2021
Market last week gained by 2.5% despite USDINR hitting 1-yr high and Brent crude crossing 7-yr high on back of easy liquidity measures by central banks. After Friday’s up move, the Sensex in USD terms has re-tested its September highs and markets are likely to face resistance around 18,500-18,600 in the coming week. With Brent crude positioned for hitting USD 110 a bbl and USDINR about 80, we...
Pre Market Analysis – 14th Oct 2021
Markets rallied on Wednesday on the back of gains from Auto stocks with the Nifty settling well above 18100 but Bank Nifty struggled at higher levels. After yesterday up move, the Dollex 30 i.e. Sensex in USD terms has moved higher but remains 1.7% lower from Sep highs. Indian markets still remain vulnerable to major correction as USDINR still remains in the breakout zone for a potential...
Pre Market Analysis – 13th Oct 2021
Market extended gains on Tuesday with Nifty ending higher by 0.3% but in USD terms remained more or less neutral. The Nifty in USD terms has been trading sideways since mid of September and has formed Head & Shoulder top and a short term breakdown is placed 1.6% lower. Today, all eyes will be on Fed Minutes which will set the tone for tapering adjustment and strength of dollar...
Pre Market Analysis – 12th Oct 2021
Nifty failed to sustain above 18000 on Monday as surge in USDINR forced Nifty to retreat from higher levels and ended below 17950. With long term breakout in USDINR being activated above 74.80, the positive momentum can easily carry upmove towards 78 and beyond. The rise in USDINR also has forced Indian 10 yr bond yield to cross 6.3% and this may eventually trigger more selling from FII. For...
Pre Market Analysis – 11th Oct 2021
Indian markets in dollar terms were up 1% for week as Nifty rallied 2% despite sharp drop in rupee and USDINR closing above 75. First time after August 2020, USDINR has posted weekly closing above 75 and we can expect move towards 78 in quick succession from here on. Last week, due to rupee depreciation, technology index was up 5% but from here on, we can expect major unwinding in financials...
Pre Market Analysis – 8th Oct 2021
Market bounced sharply after US Senate increased debt limit by $480 Bn averting major debt default later this month. Nifty rallied by 1% but late selling forced Nifty to close below short-term resistance of 17802. Currently USDINR has signalled a breakout for a possible target of 78 in days to come and with such high bullishness in USDINR, Nifty and Nifty Bank are unlikely to sustain at...
Pre Market Analysis – 7th Oct 2021
Markets reacted sharply yesterday to depreciating rupee after USDINR crossed 74.60 mark and forced Nifty to end with losses of 1% while Bank Nifty settled below 37708. A breakout above 74.60 has opened gates for 80 in weeks to come and we can expect major hit to occur in Bank Nifty which is struggling to sustain above Feb 21 highs. Bank Nifty is currently 2% away from major breakdown and...