Market Morning Notes For 17th Jan 2024
Markets cooled off on Tuesday but managed to sustain crucial breakout levels of 72,800 in Sensex on the back of strength emerging in Nifty Bank above 48,000. On daily basis, the RSI has been showing negative divergence since the past few days but another attempt to test 74,000 in Sensex is not ruled out in the coming days. On the downside, 71,500 in Sensex may act as a reversal levels below...
Market Morning Notes For 16th Jan 2024
Nifty index settled yet another session at new record highs i.e. 22097 levels yesterday while mid cap index traded in line with benchmark, up 0.7%, whereas Small-cap index underperformed the benchmark, ended with a gains of 0.42%. The Sensex on weekly chart has formed hanging man which signifies trend reversal provided current weekly closing occurs with a cut of 2% or more. On the upside, we...
Market Morning Notes For 15th Jan 2024
Markets for the week recouped earlier losses to finally end in the positive terrain with Sensex rising by 1 pct on back of Friday’s gains coming from technology Index. The gains on Friday were mainly attributed by IT sector which was up 5 pct while the Midcap and Smallcap index underperformed. The Sensex on weekly chart has formed hanging man which signifies trend reversal provided current...
Market Morning Notes For 12th Jan 2024
Market activity remained range bound on Thursday with Sensex higher mainly on back of gains from Reliance Industries as broader markets struggled to sustain at higher levels. With food inflation in the U.S. coming at record high levels, the Fed policy coming in the month end would be crucial in providing details about intensity of possible rate cuts. In Sensex terms, as long it holds above...
Market Morning Notes For 11th Jan 2024
Markets on Wednesday managed to post modest gains on the back of gains from Reliance Industries while Nifty Bank witnessed closing below 20 DMA for the third consecutive trading session. The outlook for markets remains cautious as long Sensex trades below 72,600 which turns out to be a channel resistance. In case prices managed to surpass 72,600, we can expect further gains of 2-2.5% but at...
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....