Market Morning Notes For 16th September 2024
Markets for the week recouped entire earlier week losses to regain control above 25,200 on expectation of a 50-bps rate cut in the US Fed policy. This surge in Nifty was witnessed at a time when JPY saw further sharp appreciation on expectations of a weak dollar. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to...
Market Morning Notes For 13th September 2024
Markets rallied to new all-time high with Nifty clocking gains of more than 400 points on expectation of a 50-bps rate cut in next week Fed’s policy. Yesterday positive impact was also driven by ECB cutting rate by 25 bps which led to arrest of gains in EURINR. At the present juncture, the Nifty has formed setup of rising wedge and this would mean Nifty is likely to remain under pressure on...
Market Morning Notes For 12th September 2024
Markets succumbed to selling pressure on Wednesday on back of USDJPY breaching recent low of 141, triggering risk of major carry trade in unwinding. At present, markets are building expectations from next week’s US Fed for aggressive rate cut, hence any decline are met with buying at lower levels. For Nifty, the outlook remains cautious with surge in JPYINR and Nifty expected to see wide...
Market Morning Notes For 11th September 2024
Markets rebounded on back of gains in Asian markets with Nifty ending higher over 100 points on back of lower Brent crude prices and accommodative stance expectation from the U.S Fed. The concern for Indian markets comes through weakness in dollar index as surge in JPYINR may trigger direct unwinding from Japanese investor who had aggressively increased allocation to Indian markets in the...
Market Morning Notes For 10th September 2024
Markets rebounded from lows to end in the positive terrain led by gains from Nifty Bank while broader markets continued to remain under pressure. Midcap and Small cap index ended in the red. The global markets are currently anticipating 50 bps cut in rates in the upcoming Fed policy scheduled next week and in case of 25 bps cut, markets could see trigger kneejerk reaction. Meanwhile, for the...
Market Morning Notes For 9th September 2024
Markets for the week confirmed major reversal with formation of bearish engulfing pattern on weekly candlestick and was followed with Nifty breaching key psychological support of 25,000 mark. Currently Nifty 50 has completed expanding triangle setup on daily basis and since prices were unable to breach the upper resistance line, the implication remains highly bearish. Similar expanding...
Market Morning Notes For 6th September 2024
Markets remained under pressure mainly on back of strengthening Japanese yen but managed to defend crucial support of 25,096 in Nifty 50. At present, the Nifty has been oscillating in expanding triangle and this would mean momentum reversal towards 23700 may occur at a faster pace if Nifty is unable to cross beyond 25,500. The global markets are currently discounting 25 bps rate cut in...
Market Morning Notes For 5th September 2024
Markets opened lower on Wednesday but managed to recoup losses and closed above 25,100 while banking stocks ended with deeper cuts. Nifty at present has formed expanding triangle with reversal expected on close below 10-day exponential moving average which placed at 25,096. The downside below 25,096 should be seen lower towards 23,450 thereafter. With JPYINR gaining strengthening, we expect...
Market Morning Notes For 4th September 2024
Markets oscillated in a narrow range to finally close unchanged, while broader markets remained buoyant as Nifty firmly traded above 25000 mark. From a momentum perspective, there is clearly a 3rd degree negative divergence seen in RSI, which has potential to trigger sharp decline without warning from broader markets. The levels of 24965 should be seen as a crucial support in the next few...