Market Morning Notes For 24th May 2023
Markets cooled off from the day’s high after hitting 18420 to end with a small doji star on candlesticks while most technology stocks ended in negative terrain. The Nifty is currently in Wave 5 of (V) and declines from here on should be considered as part of Wave (ii) within Wave 5. An ideal retracement or support can be confirmed anywhere between 18230-1275 with Wave (iii) target seen at...
Market Morning Notes For 23rd May 2023
Markets extended Friday’s momentum yesterday as Nifty managed to surpass 18,300 despite weakness in Bank Nifty while Adani stocks surged on the Supreme Court ruling. The Nifty has managed to show up strength despite USDINR repositioning itself for an upside breakout and a potential target of 86. The data points in Nifty show that we should see catching-up momentum as prices enter Wave-5,...
Weekly Market Report From 15th to 19th May 2023
Rangebound trend last week; Uptrend intact in Nifty, 18,500 in sight Markets remained volatile in the week gone by and ended almost unchanged as Nifty closed above 18200 levels, with a mixed performance from the broader markets. Uncertainties related to U.S. interest rates and the U.S. debt ceiling standoff have prompted investors to stay cautious even as FIIs continued to pump money into...
Market Morning Notes For 22nd May 2023
Markets for the week ended lower by 0.5% on concerns of uncertainty over raising the U.S Debt ceiling while late recovery on Friday above 18,200 helped Nifty to trim its weekly losses. The Nifty in USD terms clearly shows completion of corrective wave 4 which managed to retrace around 23.6% and expect Wave 5 to gain momentum on move past 18241 in the Nifty spot with possible upside seen at...
Market Morning Notes For 19th May 2023
Markets gave away their opening gains on Thursday to end below 18150 on the back of a sharp surge in USDINR to 82.60. For Indian markets, selling from domestic participants has been putting pressure while FIIs continue to remain net buyers. The Sensex has completed seven trading sessions of expanding triangle and should be followed with Wave 5 which has a minimum potential target of 8%. The...
Market Morning Notes For 18th May 2023
Markets cooled off from highs to end in the negative terrain on the back of concerns related to the U.S. debt ceiling which forced Nifty to breach 18200 levels. After yesterday’s decline, we can clearly see the formation of Wave 4 correction in the form of expanding flat and this would mean we may see follow-up buying in the form of Wave 5 with a potential upside of 8% from current levels....
Market Morning Notes For 17th May 2023
Markets fell on Tuesday as the Nifty failed to cross 18,400 as the selling pressure persisted from the recent highs. Most market participants are watching 18500 as a psychological hurdle and hence are resorting to aggressive hedging. However, given the recent strength in broader markets, we expect significant short covering on the move above 18450 for a weekly target of 19000. Globally,...
Market Morning Notes For 16th May 2023
Markets advanced further on Monday to end with gains of 0.5% but failed to close above 18400 during last hour of selling from highs. After yesterday’s upmove, Sensex has confirmed breakout from expanding triangle which opens gates for further rise of 8% in the near term. Most market participants are watching 18500 as a psychological hurdle and hence are resorting to aggressive hedging....
Weekly Market Report From 8th to 12th May 2023
Markets gains on FII flows; Uptrend intact in Nifty Markets logged in decent gains on encouraging Q4 results by key corporates and persistent buying by the FIIs. Domestic market sentiments also took a hit after data suggested a possible slowdown in the US economy. Globally, investors were worried about the US debt-ceiling and stability of the banking industry. A slew of weak economic data...