Market Morning Notes For 5th Oct 2023
Markets opened gap down on Wednesday but managed to recover from lows of 19333 in Nifty 50 to finally end with losses of less than 0.5 pct. The Sensex formed “Hammer” pattern on daily candlestick indication some buying attempt at lower levels but with massive quantum of selling from FII (Rs. 44,000 mn in cash market & Future segment) expect rebound to remain unsustainable. The Next Notes...
Market Morning Notes For 4th Oct 2023
Markets on Tuesday although restricted losses to the extent of 0.6%, but the spread of Nifty 50-Nifty 500 Index has violated the long-term support which may force aggressive shorting in Indian markets through index and stock futures. Previously in August end, markets managed to post strong rebound when the spread of Nifty 50-Nifty 500 Index reversed from the similar support. After yesterday’s...
Market Morning Notes For 3rd Oct 2023
Markets for the month of September settled with gains of 1.3% after an initial attempt to surpass the 20,000 mark in Nifty and later ended with the reversal formation of an inverted hammer on a monthly candlestick chart. An appearance of an inverted hammer after a bearish engulfing line poses a serious threat to the markets as it displays the inability of bulls to sustain higher levels. Any...
Market Morning Notes For 29th Sept 2023
Markets witnessed a sharp decline on expiry day on the back of intense FII selling with Nifty declining convincingly below 50 DMA after losses of close to 1%. The selling was also visible in the broad-based index due to which the spread of the Nifty 50- Nifty 500 index did not break important support. Today being the monthly close, if Sensex closes below 65,850, it will reconfirm the bearish...
Market Morning Notes For 28th Sept 2023
Markets rebounded from crucial support on Wednesday to honour 50 DMA in the Nifty 50 Index despite global markets ending in deep red. The rebound in Indian markets has occurred from exactly same time when the spread of Nifty 50-Nifty 500 was on verge of activation of major breakdown which would have forced most of hedge funds to initiate aggressive hedging by shorting Index futures. In...
Market Morning Notes For 27th Sept 2023
Markets activity turned laggard on Tuesday with cash market turnover declining to Rs 65,000 crores ahead of the uncertainty of the U.S. Government shutdown with Sensex sustaining below 50 DMA. The outlook for markets remains cautious after U.S. Indices traded below its major breakdown. For Nifty, crucial support is seen at 19,600 below which, we may see an immediate hit towards 18,800....
Market Morning Notes For 26th Sept 2023
Markets ended unchanged on Monday and formed a doji star on the candlestick thus indicating signs of indecisiveness as it moves closer to important trend line support. The low of Doji star is placed at 19601 and should act as an important trigger for the activation of the next round of selling and any move below 19600 should force Nifty to test 19200 in a quick span of time. Adding to it, a...
Market Morning Notes For 25th Sept 2023
Markets gave away almost 2 weeks of gains in the last week after Nifty declined over 2.5% led by Bank Nifty which saw a fall of more than 3.5% despite the US Fed maintaining key rates unchanged. The BSE Sensex posted a closing below 50-DMA on Friday which provides a leading signal of extension of selling in the days while technical triggers from US markets are more worrying after the S&P...
Market Morning Notes For 22nd Sept 2023
Markets witnessed heavy selling on Thursday led by Bank Nifty which saw breach of short-term support of 50 DMA after 1.6% decline and also followed with closing below the support line extended from low of 16 March 2023. The large-cap stocks have shown signs of wider cracks due to intense FII selling and we expect selling to aggravate further if the current week closing occurs below 19730. In...