Market Morning Notes For 24th May 2024
Nifty unfolded a blowout rally in a weekly expiry session yesterday and the index gained close to 400 points after a flat opening. The Nifty broke out of the crucial levels of 22,600 and closed at fresh all-time highs. Bank Nifty outperformed Nifty with a 1000 pt gain breaking out of its probable range as well. We expect momentum to accelerate further for upside target of 23,500. Heavy...
Market Morning Notes For 23rd May 2024
Markets managed to end in positive terrain after initial hours of losses with gains mainly contributed from Reliance industries while banking index ended in the red. Crucial level to watch in today’s trading session in Nifty spot would be 22,600 above which, we expect momentum to accelerate further for upside target of 23,500. Some of the heavy weights like HDFC Bank, Kotak Bank and TCS which...
Market Morning Notes For 22nd May 2024
Markets on Tuesday ended with modest gains after initial hour of losses with major contribution coming from metal sector which was up 4% helping Nifty to close above 22,500. At the current juncture, markets are already geared for a 4-6% of quick upswing and we expect major short covering to emerge on surpassing of 22,600. Financial sector which holds 32% weight in Nifty index is expected to...
Market Morning Notes For 21st May 2024
Markets for the week settled with gains of 2% with formation of bullish piercing line pattern on candlestick on Nifty 50 Index while movement in Nifty Bank remained subdued with gains limited to 1%. With Nifty 50 regaining control above 22,300, the bullish momentum has been activated with immediate target seen at 23,500. The target of 23,500 is based on weekly re-testing of upper range of...
Market Morning Notes For 17th May 2024
Market bounced back sharply in last hour of trade with market breadth turning positive. Action was seen in broader markets especially the capital good space with stocks rallying across the board. We expect positive momentum to accelerate further towards 22,600 in the next few trading session. At present, Nifty 50 is showing signs of double retracement which could be an indication of major...
Market Morning Notes For 16th May 2024
Market activity remained listless on Thursday, with broader markets outperforming the key indices while Nifty Bank settled with loses. With Nifty closing in the positive terrain, we expect positive momentum to accelerate towards 22,600 in the next few trading session. At present, Nifty 50 is showing signs of double retracement, which could be an indication of major accumulation for a...
Market Morning Notes For 15th May 2024
Markets extended gains on Tuesday post formation of hammer pattern on Monday and with formation of small bullish candle. It is highly likely now that a major bottom is already in place. At present, Nifty 50 is showing signs of double retracement which could be an indication of major accumulation for a potential upside towards 23,500. On the optimistic side, the current upmove can also stretch...
Market Morning Notes For 14th May 2024
Markets witnessed wild swings on Monday with Nifty opening lower by 200 points and later stabilising to finally settle with modest gains led by Nifty Bank. Nifty has led to formation of double bottom on short term charts after Nifty 50 held on firmly above 21,777. With India VIX trading above 20, we expect recovery in markets to be swift with near term target for Nifty seen at 23,500. We...
Market Morning Notes For 13th May 2024
Markets for the week succumbed to selling pressure with Nifty 50 declining around 2% on concerns that ruling party is unlikely to get convincing majority to cross 272 mark. With US markets still showing signs of strength and brent crude prices trading firmly below USD 84 a bbl, we expect this to act as a positive to Indian markets. In fact, Nifty 50 has managed to hold weekly support line...