Market Morning Notes For 16th May 2024
Market activity remained listless on Thursday, with broader markets outperforming the key indices while Nifty Bank settled with loses. With Nifty closing in the positive terrain, we expect positive momentum to accelerate towards 22,600 in the next few trading session. At present, Nifty 50 is showing signs of double retracement, which could be an indication of major accumulation for a...
Market Morning Notes For 15th May 2024
Markets extended gains on Tuesday post formation of hammer pattern on Monday and with formation of small bullish candle. It is highly likely now that a major bottom is already in place. At present, Nifty 50 is showing signs of double retracement which could be an indication of major accumulation for a potential upside towards 23,500. On the optimistic side, the current upmove can also stretch...
Market Morning Notes For 14th May 2024
Markets witnessed wild swings on Monday with Nifty opening lower by 200 points and later stabilising to finally settle with modest gains led by Nifty Bank. Nifty has led to formation of double bottom on short term charts after Nifty 50 held on firmly above 21,777. With India VIX trading above 20, we expect recovery in markets to be swift with near term target for Nifty seen at 23,500. We...
Market Morning Notes For 13th May 2024
Markets for the week succumbed to selling pressure with Nifty 50 declining around 2% on concerns that ruling party is unlikely to get convincing majority to cross 272 mark. With US markets still showing signs of strength and brent crude prices trading firmly below USD 84 a bbl, we expect this to act as a positive to Indian markets. In fact, Nifty 50 has managed to hold weekly support line...
Market Morning Notes For 10th May 2024
Markets witnessed wider cracks on Thursday, with Nifty 50 breaching psychological support of 22,000 on concerns that the NDA is unlikely to garner convincing majority in the Lok Sabha election, due to which India VIX shot beyond 18 mark. With weekly closing expected in the negative terrain, we expect selling pressure to prevail at higher levels. However, with sharp slide in Brent crude prices...
Market Morning Notes For 9th May 2024
Markets witnessed the last round of selling on Tuesday to force Nifty back towards 22,600 after an initial attempt to cross all-time high. Despite volatility, the outlook for market remains robust and last round of selling is expected to get exhausted in a day or two as monthly candle has turned bullish. Result Today – SBI, Asian Paints, BPCL Nifty 50 Chart Stocks to watch...
Market Morning Notes For 8th May 2024
Markets succumbed to selling pressure on Tuesday on back of uncertainty ahead of election results with India VIX climbing above 17 and Nifty Bank declining more than 1%. At present, Bank BEES i.e. Bank Nifty ETF has been consolidating in bullish triangle and could be positioned for a 11% upside in the near term after current throwback. For Nifty, positive weekly closing is required in order...
Market Morning Notes For 7th May 2024
Market activity remained muted with Nifty forming inside bar like candle and is holding firmly above Friday low. The outlook for market remains positive given bullish formation of rising three methods in Bank Nifty Index and we expect Bank Nifty to rise 8-10 pct in the coming weeks. Meanwhile, a sharp surge in India VIX above 15 mark indicates heavy call buying action and we expect Nifty 50...
Market Morning Notes For 6th May 2024
Markets for the week ended with marginal gains after Friday’s decline wiped out most of the weekly gains and led to the formation of gravestone doji on candlestick. Gravestone doji in the past has been often associated with trend reversal provided prices trades firmly below its lowest point. In the current context, 22,348 in Nifty terms should be seen as a crucial support for maintaining its...