Market Morning Notes For 1st Nov 2023
Markets for the month of October settled with losses of 1.5% after recovery seen on last Friday which helped Sensex to post monthly closing above crucial support of 63,680. The larger setup on monthly line chart still suggests caution with Sensex prone to downside risk of 21% as long it holds below 64,160. The monthly closing trend line are often followed by long-term institutional investors...
Market Morning Notes For 31st Oct 2023
Markets rebounded on back of gains in large cap stocks while broader markets namely mid cap and small cap segment shown under performance. The gains were mainly seen from Nifty Service sector index and Reliance Industries, wherein Nifty Service sector index managed to end with gains after initial losses. Today being monthly closing, crucial level to watch in Sensex is 63,680 as it turns out...
Market Morning Notes For 30th Oct 2023
Markets for the week witnessed sharp decline with Nifty breaching consensus support of 19300 thus opening gates for a wider decline towards 17,000 in the near term. The Friday’s gain which occurred from support of 200 simple moving average in Nifty mainly occurred on the back of rebound in Nifty service sector Index which accounts for 60% weightage in Nifty 50. The Nifty service sector Index...
Market Morning Notes For 25th Oct 2023
Markets succumbed to selling pressure on Monday with Nifty convincingly surrendering below the crucial support of 19,400 with broad based selling seen in midcap and small cap Index. The short trade for Nifty thus remains active for a potential target of 17,000 and a stop loss placed at 19,820. Meanwhile, Bank Nifty too has surrendered below 200 EMA and has activated breakdown from rising...
Market Morning Notes For 23rd Oct 2023
Markets succumbed to selling pressure last week with Nifty declining more than 1% on back of major unrest in Middle East which forced Nifty closer to breaching multi week support zone of 19,455 in Nifty Spot. In Sensex terms, markets have tested 7-week closing low and we expect selling to accelerate on breach of crucial of support of 19,455 for a potential target of 17,000. Ideal trading...
Market Morning Notes For 20th Oct 2023
Markets opened lower on Thursday, but late recovery helped Nifty to restrict losses to 0.5% especially during weekly expiry day where leverage in the system remain high. The crisis in the Middle East has been escalating further with Israel facing rocket attacks from neighboring countries like Syria, Iraq, and Lebanon and this is forcing Brent Crude to surge beyond USD 93 a bbl for a potential...
Market Morning Notes For 19th Oct 2023
Markets reacted lower on Wednesday on back of rising tensions in Middle East. Nifty settled below 19700 while BSE Sensex managed to violate short-term support of 50 DMA. The selling was mainly intensified from financial sector where Nifty Bank dropped more than 1 pct and almost closed at monthly low. From derivative positioning, maximum long buildup in Nifty futures is seen around 19,600 and...
Market Morning Notes For 18th Oct 2023
Markets managed to end higher on Tuesday to help Nifty close above 19800 after news emerged that Biden is visiting Israel to initiate peace with rest of Arab countries to de-escalate tensions. Markets are currently focussed on the Israel War and its impact on Brent crude prices. For India, rising Brent crude prices may start hurting badly as Russia has stopped accepting Rupees for settlement...
Market Morning Notes For 17th Oct 2023
Markets ended unchanged on Monday after Nifty Futures attempted to hold above crucial support of 50 DMA with formation of doji star. The delay of Israel ground invasion of Gaza has provided short-term relief for the U.S markets with Brent crude prices retracting below USD 90 a bbl. The Nifty futures too already has positioned with Head & Shoulder top and any further escalation could...