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...
Market Morning Notes For 20th June 2024
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Market Morning Notes For 19th June 2024
Markets on Tuesday advanced further to cross above 23,500 in Nifty, while Bank Nifty accelerated further to outperform the key indices in the last hour of trade. The Bank Nifty has fully established a larger triangle breakout, which has opened up space for another 9% upmove in the coming days. The sharp decline in JPYINR and lower reading in India VIX below 13 should act as a coincidental...
Market Morning Notes For 18th June 2024
Markets managed to post weekly gain after formation of long legged doji with Nifty closing convincingly above the resistance of 23,400. With activation of channel breakout, the buying momentum is expected to accelerate further, and Nifty could be positioned for crossing 24,600 in the coming weeks on the back of short covering. The Bank Nifty, which so far remained laggard, has also managed...
Market Morning Notes For 14th June 2024
Market activity remained subdued on Thursday with indices coming off from day’s high but managed to end in the positive terrain near 23,400 in Nifty while India VIX saw a further decline of 3%. A higher high has been established after a tri-star doji which ensures shift in momentum from sideways to positive. The short-term upside for Nifty is seen at 24,700 with gains expected to be mainly...
Market Morning Notes For 13th June 2024
Markets formed tri-star doji after prices traded in a narrow range but came off the day’s high to finally settle with modest gains. As Nifty is firmly trading above channel breakout, we expect next leg of the upmove to extend towards 24,650 based on the channel projection. The tri-star doji pattern occurs after a sustained uptrend or a downtrend. It is crucial that there is a clear trend for...
Market Morning Notes For 12th June 2024
Mkts witnessed lacklustre movement on Tuesday, with final tally ending in negative terrain below 23,300. Bank Nifty is lacking positive traction as global markets are awaiting Fed outcome tonight. A status quo is expected from the FOMC outcome tonight. Further decline in India VIX indicate aggressive put writing which is likely to force Nifty towards 24,700 in the coming days Nifty50...
Market Morning Notes For 11th June 2024
Markets tested all time high on Monday, but euphoria failed to extend further despite being swearing in by PM Modi and was followed with a negative closing in the Nifty below 23,300. The sharp drop in India VIX below the 17 mark clearly indicates that markets have seen new base building at the 23,000 mark and we expect rally in the Nifty to extend further to test 24,200. However, we expect...
Market Morning Notes For 10th June 2024
Nifty gained 2 pct on Friday’s session to end the week higher by 3.4 pct after substantial volatility with wide swings seen on a weekly basis. Nifty is out of the 23,000-23,200 range and is now open for an upside of 23,500-23,800 on an immediate basis, with support being trailed sub-22,800. Nifty Bank too recovered from its intra-week low where it took support at the 200 DMA. Overall,...