Market Morning Notes For 25th October 2024
Markets ended red on Thursday with Nifty forming Doji candle and closed below 100 day Moving average indicates indecision between buyers and sellers. A minor support level is evident in the 24,200 to 24,250 range. If prices break below this zone, we may witness increased selling activity, with potential targets extending down to 22,800. Result Today – BEL, J&K Bank Nifty 50...
Market Morning Notes For 24th October 2024
Markets extended losses with Nifty recouping earlier gains to finally settle below the psychological support of 24500 despite oversold Nifty. There is minor round of support seen in range of 24,200-24,250 and below same we may see another round of selling getting activated for target towards 22,800. The declining trend in consumption stocks suggests that the markets are poised for a...
Market Morning Notes For 23rd October 2024
Nifty broke below its 3-day range as well as from the head and shoulder pattern on daily charts. Targets for this pattern stand at 24225 / 23850 on the downside in the near term. Selling pressure was seen all through yesterday’s trading session with midcap and small cap indices seeing deeper cuts. Overall, the outlook remains cautious with near term target seen at 22,800. Result...
Market Morning Notes For 22nd October 2024
After a 300-point drop in the opening hour of trade, Nifty consolidated for the rest of trading day in its first trading session of this week. Overall, the index broadly remained in the range between 24750 – 25030 and either side was not broken on a closing basis. Markets remain indecisive at the current levels. The ongoing results season will dictate the stock specific trend in the...
Market Morning Notes For 21st October 2024
Markets exhibited weakness for third straight week with Nifty closing well below the 25,000 mark. However, despite rebound from 24,700 zone, the outlook remains cautious with near term target seen at 22,800. The formation of lower high and lower low on weekly chart suggests that major volatility is likely in the coming days. Result Today – Bajaj Housing Finance, Gravita, Ultratech...
Market Morning Notes For 18th October 2024
Markets activated larger decline led by broad based selling with Nifty breaching key support of 24,800 despite strength in global markets. The 2 yrs of bullish setup in Tokyo Nifty inverse suggest that Nifty 50 Index likely is to be positioned for 20% fall in the coming months with immediate target seen at 22,900. The Nifty has entered free fall zone below 24,800, after which wider single day...
Market Morning Notes For 17th October 2024
Markets extended selling pressure on Wednesday after a bearish dark cloud cover on Tuesday and was followed by closing below the psychological mark of 25,000 in Nifty. The inherent strength of markets has diminished in the past few days and any attempts to rally higher are met with stiff resistance with broad based selling. The current state of markets may be a pause before a larger decline...
Market Morning Notes For 16th October 2024
Markets on Tuesday failed to carry on positive momentum despite higher opening and later succumbed to selling pressure leading to trend reversal pattern of dark cloud cover. The inability to cross previous week high of 25,234 exhibits weakness for markets with high likelihood of breaching support of 24,700. The overall view suggests that markets are getting positioned for a larger decline in...
Market Morning Notes For 15th October 2024
Markets rebounded sharply on back of support from Bank Nifty helping Nifty-50 to regain above 25100. It is not unusual that indices attempt rebound as they are trading close to 50 DMA, but as long prices trade below previous week high risk of sharp decline is not ruled out. At present markets are going through dead cat bounce pattern with short term major resistance for Nifty seen at 25,235...