Market Morning Notes For 19th Dec 2023
Markets witnessed profit booking at higher levels but Sensex continues to trade firmly above its key reversal levels of 70,400 while India VIX shoots closer to the 14 mark. The rise in India VIX which has seen a sustainable upmove beyond 14 levels indicate that the market is prone to a sharp reversal. Compared to Sensex, Nifty Bank levels are trading closer to reversal. A close below 47,810...
Market Morning Notes For 18th Dec 2023
Markets for the week extended gains for seventh straight week which forced Sensex to cross weekly resistance line of rising wedge placed at 70,400 on back of gains mainly from technology Index. The short covering by FIIs on weekly call options further amplified upmove in Nifty 50 index forcing them to delta neutral cash based buying worth Rs 9,000 crore. At the current juncture, the major...
Market Morning Notes For 15th Dec 2023
Markets surged on back of highly dovish stance by US Fed that helped Nifty to surge beyond 1% while Nifty service sector which has mainly technology and financial stocks rallied by more than 1.5%. At present, the expectations have been priced in of a 160-bps rate cut in 2024 which has led to US Dollar weakening against developed currencies and put a unwinding risk from carry trade. The spike...
Market Morning Notes For 14th Dec 2023
Markets ended on a flat note after initial lower opening to close on marginal positive note ahead of U.S Fed monetary policy. With Fed turning dovish and expectation of at least three rate cut in 2024, Dollar Index has seen major slide. For Indian markets major risk comes from Japanese Yen appreciation with JPYINR already crossing above 58.80 in the early opening hour. For Nifty, inspite of...
Market Morning Notes For 13th Dec 2023
Markets succumbed to selling pressure on Tuesday after inability to sustain above the psychological barrier of 70,000 in Sensex and was followed with negative closing of around 0.5%. The long-term charts clearly depicts completion of rising wedge on long term basis and we expect signs of initial weakness to prevail on close below 69,200 which turns out to be support of Regression Channel of...
Market Morning Notes For 12th Dec 2023
Markets ended with marginal gains on Monday with formation of small doji star as Sensex approached towards the resistance line. For the week, the focus remains on the U.S Fed meet scheduled on Wednesday where outlook for interest rate projection for 2024 is expected. Any signs of weakness in Dollar Index may trigger volatility in global markets as Japanese Yen is already showing signs of...
Market Morning Notes For 11th Dec 2023
Markets for the week extended gains for the sixth straight week with Sensex posting gains of 3.5% on back of strength emerging in Service Sector Index. The Breakout in Nifty Service Sector Index which holds 53% weight in Nifty 50 index provides key trigger for further extension of rally. At present, Sensex on weekly chart has posted third degree negative divergence as Sensex approaches...
Market Morning Notes For 8th Dec 2023
Markets ended with marginal losses after 7 days of consecutive gains led by profit booking in Banking stocks while USDINR continued to trade above breakout zone of 83.30 levels. The Sensex has been trading from touch away distance from rising resistance line while Nifty 50 has already tested the same. At present scenario, major risk for Indian markets comes from appreciating Japanese Yen...
Market Morning Notes For 7th Dec 2023
Markets extended gains with Nifty closing above 20,900 on the back of surge in Nifty IT index which was up by more than 1.5% while profit booking was seen Nifty Bank. The daily RSI in Nifty 50 Index has reached extreme overbought zone to record high levels of 84 on back of short covering in Nifty Call options and with India VIX closing above 13.5. The risk of quick reversal in the coming days...