Market Morning Notes For 17th October 2024
Markets extended selling pressure on Wednesday after a bearish dark cloud cover on Tuesday and was followed by closing below the psychological mark of 25,000 in Nifty. The inherent strength of markets has diminished in the past few days and any attempts to rally higher are met with stiff resistance with broad based selling. The current state of markets may be a pause before a larger decline...
Market Morning Notes For 16th October 2024
Markets on Tuesday failed to carry on positive momentum despite higher opening and later succumbed to selling pressure leading to trend reversal pattern of dark cloud cover. The inability to cross previous week high of 25,234 exhibits weakness for markets with high likelihood of breaching support of 24,700. The overall view suggests that markets are getting positioned for a larger decline in...
Market Morning Notes For 15th October 2024
Markets rebounded sharply on back of support from Bank Nifty helping Nifty-50 to regain above 25100. It is not unusual that indices attempt rebound as they are trading close to 50 DMA, but as long prices trade below previous week high risk of sharp decline is not ruled out. At present markets are going through dead cat bounce pattern with short term major resistance for Nifty seen at 25,235...
Market Morning Notes For 14th October 2024
Markets for the week ended with modest losses with Nifty ending below the psychological mark of 25,000 amidst Israel-Iran tensions. From a technical perspective, the signs of reversal are already witnessed in Nifty, but a larger impact is likely to be felt on Nifty breaching 24,700 as heavy stop losses are built around there for risk management perspectives. Below 24700 in Nifty, the markets...
Market Morning Notes For 9th October 2024
Markets managed a rebound with gains over 1% on back of unexpected victory to BJP in Haryana Assembly elections with Nifty holding the support of 24,700. The short-term oscillators although hints at an oversold terrain for Nifty but rebound is unlikely to extend beyond 25,285 as downside projection of rising wedge of 22,800 is yet to be completely established. The overall strategy remains...
Market Morning Notes For 8th October 2024
Markets drifted further lower with Nifty declining below 24,800 led by selling in broad based market. With Brent crude rising beyond USD 80 a bbl amidst escalation of Israel -Iran crisis, the impact could be felt on operating margins of the corporates in coming quarters if the levels sustain at these levels. Overall, outlook suggest Nifty may trigger free fall below 24,700 with immediate...
Market Morning Notes For 7th October 2024
Markets for the week succumbed to selling pressure after failure to sustain above 26,000 mark in Nifty and was followed with sharp decline over 4% on back of unrest in the Middle East. The weekly setup turned out to be bearish belt hold line pattern suggesting a major reversal and a close below 25,160 is likely to trigger follow-up selling in the near term with potential target seen at...
Market Morning Notes For 4th October 2024
Markets activated major breakdown on breach of 25,500 with Nifty 50 ending lower by 2% mainly on the back of unrest in Middle East. Nifty continued the selling pressure on its weekly expiry session, which has commenced from the start of this truncated week. Index shaved off over 500 points yesterday making fresh day low every hour in trade. For Nifty, the larger setup suggest that it is...
Market Morning Notes For 3rd October 2024
Markets activity remained range bound on Tuesday with initial attempts to regain above 25,880 in Nifty was met with major resistance to finally end on a flat note. The attack on Israel from Iran is likely to trigger major selling in Indian markets if the issue escalates. Overall, the setup in markets suggest selling pressure is expected to aggravate further below 25,500 with a potential...