Market Morning Notes 29th July 2024
Markets for the week witnessed sharp recovery to close with gains of 1% despite disappointment in budget over short term and capital gains tax enhancement. The Sensex for the week ended with formation of hanging man which turns out to be a potential reversal signal on long term charts. In the present scenario, major risk to Indian markets comes from sharp drop in USDJPY below 154 mark which...
Market Morning Notes 26th July 2024
Markets witnessed wide volatility on the expiry day yesterday with Nifty witnessing wild swings but closed along the flat line. On the sectoral front, Nifty IT, Nifty FMCG index, Oil & Gas, Pharma index outperformed. While Banks, Metal, Realty underperformed. For Nifty, the crucial trading range is seen between 24,000-25,300 in the coming days, with only positive coming from India VIX...
Market Morning Notes 25th July 2024
Markets ended with modest losses on Wednesday amidst volatility in global markets while broader markets like midcap and small cap indices managed to post gain of around 1%. The sharp drop in USDJPY has triggered volatility across the US markets with Dow Jones ending lower below 40,000 mark. For Nifty, the crucial trading range is seen between 24,000-25,300 in the coming days, with only...
Market Morning Notes 24th July 2024
Markets fell intraday over 2% on the Budget Day after announcement of increase in STT and LTCG but later recovered to end with losses of less than 0.25%. The India VIX also dipped sharply to fall towards the 13-mark signifying aggressive put writing at 24,400 levels. With formation of hammer pattern on candlestick, we expect this to act as an intermediate bottom with a target seen at...
Market Morning Notes 23rd July 2024
Market activity on Monday remained muted with Nifty ending with marginal losses but most importantly, the implied volatility of in-the-money call options surged beyond 24% levels. This sudden surge in implied volatility suggests that markets are expecting substantial announcements in the Budget which has ability to force Nifty towards 25,300. Adding to it, Brent crude has also declined to USD...
Market Morning Notes 22nd July 2024
Markets witnessed selling on the final day of the week, which wiped out most of the weekly gains and forced markets to settle with meager gains as traders avoided to take any fresh positions ahead of union budget. The coming week will be an eventful one with Budget on Tuesday which will likely dictate the next stage of the market move. Anticipation is high for continued government focus on...
Market Morning Notes 19th July 2024
Markets formed bullish belt hold line pattern on Thursday on candlestick after Nifty opened lower but managed to end almost at day’s high with gains of around 1% while broader market ended in the negative terrain. A move above 24,700 in Nifty has led to activation of range breakout with immediate upside target seen at 25,300. On the downside, support is seen at 24,500 which should be seen as...
Market Morning Notes 18th July 2024
Markets formed back-to-back doji star on Tuesday which is a sign of indecisiveness but with closing turning on positive side bulls had an upper end. Despite rise in India VIX, Nifty has been able to inch higher and a move above 24,700 could open gates towards 25,300 in the near term due to ‘range breakout’. We expect last leg of rally to be driven by defensive sectors like FMCG and Pharma...
Market Morning Notes 16th July 2024
Market opened on a positive note for the week, with Nifty post modest gains on the back of rebound in banking stocks, while the India VIX crossed above 14 mark ahead of Union Budget. At present, although Nifty has a room to rally to 24,800 but the short-term parameters suggest a highly overbought zone which may lead to sharp reversal in the coming days. An appearance of doji star in...