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...
Market Morning Notes For 3rd September 2024
Market activity remained laggard with midcap and small cap indices end in losses while Nifty cooled off from day’s high to close above 25,300. For Nifty, 23,965 remains a key support below which, aggressive shorting is expected to be activated. In the last two months, FIIs have added more than Rs 250000 crore worth options indicating that they already are positioned for a volatility...
Market Morning Notes For 2nd September 2024
Markets for the week scaled all-time highs led by gains from defensives like IT, Pharma and FMCG helping Nifty to close convincingly above the 25,000 mark. However, Nifty Financial Services Index continues to trade significantly lower than all-time high leading to a major divergent trend against Nifty 50 Index. History suggests before a meaningful decline, financial index often go through a...
Market Morning Notes For 30th August 2024
Markets witnessed divergent trend on Thursday, with Nifty ending with modest gains and trading at an all-time high while midcap and small cap indices end lower. The Bank Nifty still remains distant from all time high as recent gains in Nifty is mainly contributed by defensives like IT, Pharma and FMCG. There has been strong case of a third-degree negative divergence in RSI of Nifty 50 Index...
Market Morning Notes For 29th August 2024
Markets activity remained restricted in a narrow range with Nifty ending above 25,000 on back of positive global cues after scaling to new all-time high. Bank Nifty has been showing underperformance and often provides early divergence before reversal or a major change. For Nifty, crucial support seen at 24665 below which, we can expect larger degree of correction to get activated. Nifty 50...
Market Morning Notes For 28th August 2024
Benchmark indices ended on a flat note after sharp gains seen in the previous session while the Nifty Bank slightly outperformed. However, the broader markets outperformed with the Nifty Midcap and Small cap indices seeing gains in excess of 0.5 pct. Nifty is facing resistance near the psychological level of 25k. For Nifty, resistance is seen at 25,200 while reversal is likely to be confirmed...