Market Morning Notes For 3rd Oct 2023
Markets for the month of September settled with gains of 1.3% after an initial attempt to surpass the 20,000 mark in Nifty and later ended with the reversal formation of an inverted hammer on a monthly candlestick chart. An appearance of an inverted hammer after a bearish engulfing line poses a serious threat to the markets as it displays the inability of bulls to sustain higher levels. Any...
Market Morning Notes For 29th Sept 2023
Markets witnessed a sharp decline on expiry day on the back of intense FII selling with Nifty declining convincingly below 50 DMA after losses of close to 1%. The selling was also visible in the broad-based index due to which the spread of the Nifty 50- Nifty 500 index did not break important support. Today being the monthly close, if Sensex closes below 65,850, it will reconfirm the bearish...
Market Morning Notes For 28th Sept 2023
Markets rebounded from crucial support on Wednesday to honour 50 DMA in the Nifty 50 Index despite global markets ending in deep red. The rebound in Indian markets has occurred from exactly same time when the spread of Nifty 50-Nifty 500 was on verge of activation of major breakdown which would have forced most of hedge funds to initiate aggressive hedging by shorting Index futures. In...
Market Morning Notes For 27th Sept 2023
Markets activity turned laggard on Tuesday with cash market turnover declining to Rs 65,000 crores ahead of the uncertainty of the U.S. Government shutdown with Sensex sustaining below 50 DMA. The outlook for markets remains cautious after U.S. Indices traded below its major breakdown. For Nifty, crucial support is seen at 19,600 below which, we may see an immediate hit towards 18,800....
Market Morning Notes For 26th Sept 2023
Markets ended unchanged on Monday and formed a doji star on the candlestick thus indicating signs of indecisiveness as it moves closer to important trend line support. The low of Doji star is placed at 19601 and should act as an important trigger for the activation of the next round of selling and any move below 19600 should force Nifty to test 19200 in a quick span of time. Adding to it, a...
Market Morning Notes For 25th Sept 2023
Markets gave away almost 2 weeks of gains in the last week after Nifty declined over 2.5% led by Bank Nifty which saw a fall of more than 3.5% despite the US Fed maintaining key rates unchanged. The BSE Sensex posted a closing below 50-DMA on Friday which provides a leading signal of extension of selling in the days while technical triggers from US markets are more worrying after the S&P...
Market Morning Notes For 22nd Sept 2023
Markets witnessed heavy selling on Thursday led by Bank Nifty which saw breach of short-term support of 50 DMA after 1.6% decline and also followed with closing below the support line extended from low of 16 March 2023. The large-cap stocks have shown signs of wider cracks due to intense FII selling and we expect selling to aggravate further if the current week closing occurs below 19730. In...
Market Morning Notes For 21st Sept 2023
Markets remained under pressure on Wednesday after the occurrence of the breakaway gap in Nifty where it opened and sustained below key support of 20,032. The decline was mainly led by selling in Bank Nifty while broader markets remained resilient ahead of the Fed meeting outcome. The Fed kept rates unchanged but commentary turned hawkish signalling scope for another 25-bps rate hike in the...
Market Morning Notes For 20th Sept 2023
Market activity on Monday remained muted with Sensex closing below the important support of 67,619 on the back of USIDNR hitting an all-time high above 83.2325. The occurrence of a rising wedge on the weekly chart poses a threat of a major reversal and a weekly close below 20,032 in Nifty should provide the necessary confirmation of a reversal. The key event which may spur volatility in...