Market Morning Notes For 29th Nov 2023
Markets managed to post gains on Tuesday with Nifty rallying by 0.5 while gains in Sensex was restricted to less than 0.3%. The Sensex is approaching its intermediate peak of 66,592 and should act as a trigger for confirmation of trend. At present for trend reversal, Sensex needs to close above 66,592 to come out with formation of lower tops and lower bottom. The sudden rise in India VIX...
Market Morning Notes For 28th Nov 2023
Markets ended on a flat note on Friday on back of lack of global triggers. The outcome of the state elections in five states will be closely watched. Voting which began on November 07 will end of November 30 while counting of votes will be held on December 03. These elections are crucial before the 2024 Lok Sabha elections. As long as Nifty Bank trades convincingly below 50 DMA, the risk...
Market Morning Notes For 23rd Nov 2023
Markets on Wednesday witnessed divergent trend with Nifty Bank ending lower while recovery in the IT sector helped Nifty to surpass 19,800 levels. The Sensex has been struggling to cross its intermediate high and Nifty Bank has been consistently trading below 50 DMA which does not augur well for strength of markets. For Sensex, trend reversal is seen on close below 65,356 i.e. 1% below the...
Market Morning Notes For 22nd Nov 2023
Markets on Tuesday remained range bound with Sensex closing above 50 DMA on back of gains from commodities stocks while Bank Nifty remained underperformer and continued to remain lower below 44170 i.e. the 50 DMA. In the past few days, gains in Nifty has been on the back of rising India VIX index and with India VIX crossing above 12% mark which is 200 EMA, there is a risk of sudden surge of...
Market Morning Notes For 21st Nov 2023
Markets remained under pressure on Monday with BSE Sensex closing near 50 DMA while Bank Nifty ended flat despite sharp selloff in rupee against EURO, GBP and JPY. The sharp decline in Dollar Index is likely to aggravate further selling pressure as carry trade unwinding may force selling in Indian Bonds abroad. From a Nifty perspective crucial support based on diamond top formation is placed...
Market Morning Notes For 20th Nov 2023
Markets succumbed to selling pressure on Friday on back of 1 pct decline Nifty Bank but gains in IT & Auto sector helped Nifty to restrict losses below 0.3 pct. The India VIX fell marginally short of weekly breakout of 18.9 but risk of major breakdown in Bank Nifty remains very likely in near term after Nifty Bank posted failure to cross the 50 DMA. The sharp fall in Dollar Index on...
Market Morning Notes For 17th Nov 2023
Markets continued to face divergent trend on Thursday with Nifty 50 managing to post gains of around 0.5% while Bank Nifty ended in marginal negative terrain after failure to sustain above 50 DMA. As financial hold more than 35% weight in Nifty, a failure to sustain above 50 DMA in Bank Nifty poses major threat for broader market and this comes at a time when India VIX has also been rising...
Market Morning Notes For 16th Nov 2023
Markets opened with gap up 1 pct on Wednesday on back of positive cues from the U.S. markets to post closing above 65,637 in Sensex during last hour of trade on back of gains from Nifty IT Index. Bank Nifty witnessed higher opening above 50 DMA but closed well below it. With emergence of pennant formation around crucial resistance zone and Bank Nifty almost closing towards day’s lows, it is...
Market Morning Notes For 15th Nov 2023
Markets on Monday gave away its Mahurat trading session gains ahead of crucial inflation data in the U.S. after failing to cross the 50 DMA in Sensex. The inflation data came out yesterday which was lower than expectation and faded chances of further rate hikes in the near-term which propped the U.S. markets by more than 1%. For Indian markets, 50 DMA in Sensex which is placed at 65,637 turns...