Market Morning Notes 4th July 2024
Markets extended its uptrend with the Nifty comfortably holding above 24,000 levels and the Sensex surpassing 80,000 mark in intraday trade. Nifty is right now in its 5th consecutive week wherein it has not closed even a single session below its previous day’s low. A huge outperformance from Bank Nifty was seen against Nifty in its weekly expiry session yesterday owing to the spike...
Market Morning Notes 3rd July 2024
Markets cooled off from the day’s high on Tuesday to close in marginal negative terrain while the Bank Nifty suffered deeper cuts of around 1%. With Nifty comfortably holding above 24,000, the upside potential towards 24,700 still remains intact and a sharp fall in JPYINR may act as a catalyst for the current rally to continue further. We expect positive momentum to accelerate above 24,237...
Market Morning Notes 2nd July 2024
Markets extended gains on Monday with the Nifty comfortably cementing its positions above 24,000 with the FMCG sector gaining momentum along with broader markets. The Brent crude has surpassed the USD 85 a bbl mark and may pose major risk to emerging markets on move past USD 90 a bbl. For Nifty, the upside target of 24,750 remains a likely outcome in the coming days given sharp weakness seen...
Market Morning Notes 1st July 2024
Markets for the month of June ended with gains of 6.5% after a volatile month, but the larger setup has turned out to be a hanging man on the candlestick chart. Traders often look for confirmation in subsequent trading sessions to validate the bearish signal of the hanging man pattern, which could involve looking for a lower close or further downside movement in the following candles. The...
Market Morning Notes For 27th June 2024
Markets inched higher for third consecutive trading session which led to formation of three white soldiers’ pattern on candlestick in Nifty 50 Index while broader markets continued to remain laggard. The three white soldiers’ pattern is considered more reliable if each candlestick closes progressively higher than the previous one and if there is a substantial increase in trading volume on the...
Market Morning Notes For 26th June 2024
Benchmark indices scaled new high with Nifty up by 0.8 pct solely led by gain in Bank Nifty which gained 1.7 pct. Private banks outperformed PSU banks as value buying emerged with ICICI Bank entering the USD 100 bn m-cap club. We expect the outperformance in Bank Nifty to continue further with an expected target of 55,000. Any decline in markets to be used to add positions in large private...
Market Morning Notes For 25th June 2024
Markets regained momentum on Monday after the initial gap down opening with gains led by FMCG and Auto sector to help Nifty regain above 23,500 levels. Major short covering was seen in Bank Nifty futures as discount in futures was transformed into premium ahead of the F&O expiry in the week. Bank Nifty holds maximum potential to surpass 55,000 in the near term and help Nifty to meet its...
Market Morning Notes For 24th June 2024
Markets for the week ended on a flat note with Nifty cementing its position above 23,500 while Bank Nifty witnessed major outperformance by gaining more than 3%. The major cause for outperformance can be attributed to sharp decline in JPYINR and based on current momentum, we expect Bank Nifty to surge higher towards 55,000. As India VIX is comfortably placed around 13 mark, any decline in...
Market Morning Notes For 21st June 2024
Market witnessed modest gains led by banking sector with broader markets rallying in the last hour of trade as the Nifty comfortably cemented its position above 23,500. The triangle breakout in Bank Nifty still opens further scope of upside by another 7% with target seen beyond 54,000. For Nifty, the upmove could be staggered with target range seen between 24,500-24,700. Nifty 50...