Market Morning Notes For 6th Sept 2023
Markets witnessed a euphoric upmove in broader markets especially the midcap and small-cap segment despite USDINR crossing above 83 and Brent trading above 90$. A similar euphoric phase in the midcap and small-cap phase was witnessed in 2008 when the monthly RSI displayed V-divergence from the overbought zone and prices followed with a steep decline. Currently, Brent crude prices have crossed...
Market Morning Notes For 5th Sept 2023
Markets began on a positive note on Monday with Nifty surpassing the psychological mark of 19,500 and formed a doji star on the candlestick along with a negative reversal in RSI. As doji star has occurred after retracing 38.2%, we can expect a major reversal on the breach of yesterday’s low which is placed at 19432. Meanwhile, a negative reversal would also tempt many traders to open short...
Market Morning Notes For 4th Sept 2023
Markets witnessed a sharp jump on Friday which helped Nifty to end 5 weeks of losing streak and post weekly gains of closer to 1%. Friday’s rebound was mainly on the back of retail euphoria which suddenly pumped an additional Rs 32,000 crore into the system compared to the previous day and this may be termed as unusual buying to protect weekly closing. Friday’s up move has the maximum...
Market Morning Notes For 30th Aug 2023
Market activity remained muted on Monday with Nifty unable to cross 19,397 which turned out to be 50 DMA and followed with flat closing. After yesterday’s move, the MACD indicator has moved into the sell zone and hence any up move is likely to face follow-up selling in the coming days. The crucial trigger which may have a severe impact on the Indian markets is the rise in copper prices and...
Market Morning Notes For 29th Aug 2023
Markets attempted a rebound on Monday on the back of upbeat global markets but failed to extend beyond 19,350 which was followed by marginal gains to end around 19,300. The rise in India’s VIX above 12% exhibits caution as the next leg of decline could have severe repercussions. The spread of Nifty 50- Nifty 500 index which is a mere difference in values of the index suggests aggressive...
Market Morning Notes For 28th Aug 2023
Markets succumbed to selling pressure on Friday with prices opening lower and thereafter closing at the lowest point of the day by breaching a low of 19253.60. This breach has confirmed the start of Wave (3) of impulse degree which would have a minimum target of 17,657 and can even extend to 16,463. From trading perspective, this is an ideal time for opening short positions in Nifty September...
Market Morning Notes For 25 Aug 2023
Nifty opened with a gap up on Thursday but selling in the second half in financials stocks forced Nifty to end in the negative terrain turning the entire day into a bearish engulfing line on candlestick charts. As reversal has occurred after retracing 38.2% of the down move, it may signify end of corrective up move of Wave 2 and is likely to be followed by Wave 3 in the coming days....
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...