Market Morning Notes For 10th Jan 2024
Markets cooled from day’s high yesterday to close with marginal gains after failure to sustain above 72,000 in Sensex while Nifty Bank swung from positive to negative terrain. The weekly channel resistance of 72,600 may be indicating that markets have be overstretched in the short term and due for a correction of at least 7-8% in the near term. Important support in Sensex is seen at 71,000...
Market Morning Notes For 9th Jan 2024
Markets succumbed to selling pressure on Monday after Sensex failed to cross the resistance of rising channel and followed with closing almost 1% lower with major selling seen in Nifty Bank. At present, markets are trading at a crucial juncture and prone to major downside risk in the coming days. With JPYINR already positioned to rise by 11%, we can expect major pressure on Financials and...
Market Morning Notes For 8th Jan 2024
Markets for the week ended with doji star formation after prices oscillated in a narrow range to finally close in marginally negative terrain. As doji star has occurred near the resistance zone of rising channel, markets are prone for a sharp reversal in the coming days. In order for Sensex to accelerate positive momentum, Sensex needs weekly closing above 72,600. On the downside, lows of...
Market Morning Notes For 5th Jan 2024
Markets reversed Wednesday’s losses with gains coming from Reality and Financial stocks helping Nifty close higher by more than 0.5% with strength emerging from broader markets. The gains were seen across emerging markets on expectation of dovish outlook in Fed minutes. However, considering overbought positions of Indian markets, we may experience major slide once Sensex closes below 71,350....
Market Morning Notes For 4th Jan 2024
Markets witnessed selling pressure on Wednesday with Sensex violating key support of 71,483 on back of selling in technology stocks while financials managed to recoup losses in the last hour of trade. The outlook after Sensex close below 71,483 has turned cautious and we expect upper band of channel to act as a resistance in the near term. On the downside, prices may approach to re-test 50...
Market Morning Notes For 3rd Jan 2024
Markets remained under pressure on Tuesday on back of selling pressure in Nifty Bank but recouped losses in last hour of trade to end with loss of less than 0.4%. The sectors namely metals and pharma managed to outperform key indices while financials turned out to be a major drag. At the current juncture 71,483 is likely to act as a crucial support below which we can expect selling pressure...
Market Morning Notes For 2nd Jan 2024
Markets ended with marginal gains on Monday on back of lower volumes on first day of the year with FMCG index outperforming most of major indices. At present, the Sensex has been hovering at upper end of channel with formation of negative divergence in RSI, this may indicate that the market is prone to profit booking in the coming days. Also, sustenance of India VIX above 14.5 mark is a cause...
Market Morning Notes For 1st Jan 2024
Markets for the month of December turned out to be best month for the year after Sensex posted gains of around 8% on the back of US Fed turning from hawkish to Dovish and pricing aggressive rate cuts for 2024. The major positive trigger for Indian markets was seen from decline in Brent crude prices and US 10-year bond yield but risk arising for rising EURINR, JPYINR and GBPINR still has...
Market Morning Notes For 29th Dec 2023
Markets scaled to new highs on Thursday with Nifty closing above 21,750 with major contribution from Bank Nifty and Metal Index. The India VIX scaled to 9-month high of 16.47 and though reverted back in negative, it signifies added risk in system. From the current levels, further upside room could be capped to 1.1% for Nifty index as Gold prices has also triggered major breakout. On the...