Market Morning Notes For 26th Sept 2023
Markets ended unchanged on Monday and formed a doji star on the candlestick thus indicating signs of indecisiveness as it moves closer to important trend line support. The low of Doji star is placed at 19601 and should act as an important trigger for the activation of the next round of selling and any move below 19600 should force Nifty to test 19200 in a quick span of time. Adding to it, a...
Market Morning Notes For 25th Sept 2023
Markets gave away almost 2 weeks of gains in the last week after Nifty declined over 2.5% led by Bank Nifty which saw a fall of more than 3.5% despite the US Fed maintaining key rates unchanged. The BSE Sensex posted a closing below 50-DMA on Friday which provides a leading signal of extension of selling in the days while technical triggers from US markets are more worrying after the S&P...
Market Morning Notes For 22nd Sept 2023
Markets witnessed heavy selling on Thursday led by Bank Nifty which saw breach of short-term support of 50 DMA after 1.6% decline and also followed with closing below the support line extended from low of 16 March 2023. The large-cap stocks have shown signs of wider cracks due to intense FII selling and we expect selling to aggravate further if the current week closing occurs below 19730. In...
Market Morning Notes For 20th Sept 2023
Market activity on Monday remained muted with Sensex closing below the important support of 67,619 on the back of USIDNR hitting an all-time high above 83.2325. The occurrence of a rising wedge on the weekly chart poses a threat of a major reversal and a weekly close below 20,032 in Nifty should provide the necessary confirmation of a reversal. The key event which may spur volatility in...
Market Morning Notes For 18th Sept 2023
Markets for the week extended gains for the third straight week with Sensex closing at all-time high on Friday ahead of crucial U.S Federal Reserve meet on expectations that the Fed would pause further rate hikes. The Nifty after the recent move has tested the weekly resistance line extended from intermediate peaks hence would be interesting to see whether the Nifty is able to cross hurdle...
Market Morning Notes For 14th Sept 2023
Markets activity remained tilted towards large cap with Sensex moving closer to its all-time peak despite India VIX posting gains. After yesterday’s up move India VIX has moved closer to breakout and a move above 12 should be seen as a major sign of strong Put option accumulation in markets and an initial leg of unwinding may be faced by high beta counters especially midcaps and small caps....
Market Morning Notes For 13th Sept 2023
Markets cooled from day’s high to end on a flat note after broader markets corrected sharply with Midcap and Smallcap Index declining over 3% and India VIX surging above the 11.5 mark. Brent crude too has crossed USD 92 a bbl mark and should be positioned to test USD 107 a bbl in the coming week after the recent breakout. The Nifty 500 Index has confirmed major reversal with formation of...
Market Morning Notes For 12th Sept 2023
Markets scaled to new highs on the back of retail buying with Nifty 50 hitting an all-time high while Sensex 30 is still away by 0.7% and India VIX surged by 5%. The markets have entered into a crucial juncture from where reversal would have serious implications, and this can be gauged from the formation of the rising wedge in ‘Next Notes Nifty 2x Leverage ETF’ which is widely traded in the...
Market Morning Notes For 8th Sept 2023
Markets inched further higher on Thursday to cross above 19,700 on the back of a sharp surge in Bank Nifty while key concerns like rising USDINR and Brent Crude prices continue. The broader market index namely the Dollex 100 index which is basically the BSE 100 Index in USD terms has formed a bearish pennant where Wave C within Wave 2 is coming to an end and a negative closing of 0.65% or 125...