Weekly Market Wrap From 7th Aug to 11th Aug 2023
Result season keeps market busy; Macro data, Brent prices, Currency movement in focus Markets extended the downfall for the third week in a row as gains were capped after the RBI, in a surprise move, imposed a 10 pct incremental cash reserve ratio (ICRR) on banks starting August 12. Inflation concerns resurfaced as RBI elevated their CPI forecast by 30 bps to 5.4 pct. Global markets was...
Market Morning Notes For 14th Aug 2023
Markets extended losses for the third straight week with FIIs opening aggressive short positions in future segment and forcing Nifty to breach 19500 on Friday’s trading session. The outlook for market remains bearish with spread of Nifty 50- Nifty 500 breaching key support. A breach of support would indicate more addition of short positions in Index futures in the coming days in order to...
Market Morning Notes For 11th Aug 2023
Markets ended lower despite RBI maintaining status quo on repo rate. However, major reaction from market was seen after RBI increased the inflation forecast which triggered renewed selling pressure in financials. FII have opened fresh shorts in future segment by massive Rs 6,200 crore and one can expect aggressive shorting after spread of Nifty 50-Nifty 500 index breaks the support line. The...
Market Morning Notes For 10th Aug 2023
Markets witnessed a late recovery to end in positive terrain above 19600 on Wednesday ahead of the RBI credit policy meeting. Although RBI is unlikely to raise rates further, the commentary would be a crucial factor for future rate hikes given the sudden surge in retail vegetable prices and breakout in Brent crude prices. The Dollex 30 i.e., Sensex in USD terms has already confirmed a lower...
Market Morning Notes For 9th Aug 2023
Market ended with marginal losses after failure to cross above 19600 while India VIX confirmed a breakout after closing above the 11% mark. Both USDINR and Brent Crude rise pose a major risk to the Indian markets with Brent Crude positioned to hit USD 100 a bbl in the next few days. We expect selling pressure to aggravate further if Nifty sustains below 19600 with short term target seen at...
Market Morning Notes For 8th Aug 2023
Markets rebounded sharply to end with gains of 0.5% but financials remained under pressure while technology stocks were key contributors for yesterday’s up move. The widely tracked index by FII namely Dollex 30 i.e., Sensex in USD terms has seen a breach of the intermediate low and is followed by a major negative crossover in MACD. This move clearly corroborates that the current up move from...
Market Morning Notes For 3rd Aug 2023
Markets fell on Wednesday with Nifty tanking below 19,600 forcing long positions to unwind after USDINR crossed above 82.50 mark. There could be a significant blow to Indian markets with USDINR confirming breakout above 82.5 and opening gates for a target of 87 in the coming weeks. For Nifty, we expect selling to aggravate further from here on with immediate reaction expected towards 19,100...
Market Morning Notes For 2nd Aug 2023
Market activity remained dull on Tuesday with Nifty 50 unable to cross above 19800 and was followed with closing below short-term support of 19735. In the past few days, Brent Crude prices has seen steady up move after formation of double bottom and is on a verge of breaching intermediate high for a potential target of USD 103 a bbl. We expect Nifty to sharply react lower by 8-9% on Brent...
Market Morning Notes For 1st Aug 2023
Markets ended with gains of 0.5% yesterday on back sharp jump USDJPY with IT and Metals turning main contributors on Monday. With base metals prices surging almost 2% in yesterday’s trade, we expect this to impact the financial sector negatively. For Nifty, a move below 19700 should be seen as a reversal. The crucial support for Nifty is seen at 19,600 on closing basis below which,...