Market Morning Notes For 5th November 2024
Markets witnessed sharp decline on Monday with Nifty falling over 2% but managed to recoup some losses due to recovery in Bank Nifty but finally tally in Nifty was below 24,000. The breach of 24,232 last week on daily closing basis, had already signalled alarm bells for caution so Monday’s down move was not at all surprising. We can expect the selling pressure to accelerate further and may...
Market Morning Notes For 4th November 2024
Markets in month of October witnessed confirmed major long-term reversal after Nity declined more than 6% making it the single largest monthly decline after Covid phase in the year 2020 forcing Nifty to convincingly close below 24,500. On candlestick basis, a bearish belt hold line pattern was observed, and this would indicate November month could see further round of selling. Some of the...
Market Morning Notes For 30th October 2024
Markets turned highly volatile on Tuesday witnessing wild swings from early losses to finally end in the positive terrain on the back of gains in Bank Nifty. The 100 EMA has turned a formidable resistance for Nifty with prices unable to cross above Mondays high which is clearly a sign of bearishness. As the previous week closing was well below 24232, the weekly rebound is unlikely to sustain...
Market Morning Notes For 29th October 2024
Markets on Monday rebounded on back of positive sentiment during Muhurat week but cooled off from days high to close with gains of less than percent. The rebound has to surpass the 100-day exponential moving average which indicates markets have already signaled a major breakdown. The current rebound is unlikely to extend beyond 24500 and the next leg of down move could easily force prices...
Market Morning Notes For 28th October 2024
Markets extended losses for fourth straight week with Nifty breaching key support of 24232 on closing basis and opening gates for potential breakdown of 15%. The attack on Iran by Israel is likely to raise tensions in middle east with militant group from Lebanon and Syria may be forced to increase quantum of attack on Israel in coming days. Overall data suggests that with weekly closing below...
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...