Market Morning Notes For 28th July 2023
Markets reacted to sharp selling from FII in futures segment with FII selling Rs 8,000 crore and Rs 4,000 crore in cash segment forcing Nifty to re-test 19,600 with formation bearish engulfing line on daily candlestick chart. The selling was mainly led by financial stocks and extended towards technology counters. We expect selling pressure to intensify further below 19,600 with quick downside...
Market Morning Notes For 27th July 2023
Markets opened with a gap up and managed to post gains of 0.5% ahead of FOMC. The key trigger which may act as a major reversal in Indian markets would be a decline in USDJPY and a simultaneous rise in Brent Crude prices. The Nifty may see a sustained decline on move below 19,600 with immediate reaction expected towards 19,100. USDJPY is positioned to move towards 130 in the near term while a...
Market Morning Notes For 26th July 2023
Markets ended on a flat note after an initial attempt to breach crucial support of 19,600 while India’s VIX tanked to the 10.2% mark on expectation of Fed commentary would turn dovish after the last hike of 25 bps. The Sensex Top 9 stocks Index holds 67% weight within Sensex 30 showing signs of a major downturn with an immediate target of 7% lower. The recent Breakout in Brent Crude...
Market Morning Notes For 25th July 2023
Markets extended losses on Monday on back of selling from ITC and Kotak Bank with Nifty 50 managing to outperform Sensex 30 due to comparative lower Giant Capitalisation concentration. In the short term, crucial support for Nifty is placed at 19,600 and below which, we expect selling pressure to aggravate further with a quick reaction seen at 19,100. The Brent crude prices have managed to...
Market Morning Notes For 24th July 2023
Markets for the week settled with gains of 0.9% after Friday’s meltdown in technology stocks obstructed Nifty’s momentum to test psychological mark of 20,000. The weekly chart of Sensex Top-9 stocks Index witnessed negative closing with formation of shooting star appearing near upthrust of rising wedge. This move indicates immediate downside of 7% in Sensex Top-9 stocks index which holds 65%...
Market Morning Notes For 21st July 2023
Markets scaled further to new highs on the back of a surge in Bank Nifty crossing above 46,000 levels and Reliance demerged stocks forming part of the Sensex and Nifty 50 Index. This occurred along with India VIX crossing its intermediate peak occurring on 5th Jul, while the Nifty 100 Equal Weighted Index continues to see the desperation to sustain at higher levels. Although, Nifty has...
Market Morning Notes For 20th July 2023
Markets advanced further to surpass 19,800 in Nifty during the last hour of trade with gains mainly on the back of a surge in Bank Nifty. The broader market Index – Nifty 100 Equal Weighted Index has formed a small rising wedge on the daily chart which shows the market is on the verge of completing its ending diagonal with an immediate reaction of 3% lower. We advocate a cautious...
Market Morning Notes For 19th July 2023
Markets extended a rally on continued buying by the FIIs with the Nifty clearing the much-awaited 19,800 mark. The Indian VIX continues to gain and is at 11.7. The sudden surge in India VIX provides a warning signal that the up move remains unsustainable and may trigger a sharp reversal in the coming days. The Nifty 50 Total Return Inverse Index, which tracks the Nifty 50 Index inversely, has...
Market Morning Notes For 18th July 2023
Markets rallied further on Monday on the back of domestic buying to help Nifty clear 19,700 levels but India VIX suddenly shot up by 6% to the 11.3 level mark. The sudden surge in India VIX provides a warning signal that the up move remains unsustainable and may trigger a sharp reversal in the coming days. The Nifty 50 Total Return Inverse Index, which tracks the Nifty 50 Index inversely, has...