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...
Market Morning Notes For 16th Oct 2023
Markets for the week ended with gains of 0.5% after Bank Nifty failed to cross crucial hurdle of 50 DMA and was followed with major selling on Friday. The Nifty future premium suddenly disappeared on Friday trading session due to volume-based selling on Friday thus confirming a setup of Head & Shoulder Top. The escalation of war between Israel-Hamas may have serious impact on Oil prices...
Market Morning Notes For 13th Oct 2023
Markets failed to extend gains beyond 19,800 after lack of momentum from Bank Nifty and Nifty ended with marginal negative closing. So far, Nifty has managed to retrace 50% of recent downtrend and hence remains vulnerable to major downtrend below 50 DMA which is placed at 19,606. The Bank Nifty has been so far weakest as it is continuously trading below 50 DMA and is currently poised for 5-7%...
Market Morning Notes For 12th Oct 2023
Markets extended gains on Wednesday on back of upbeat global markets with Nifty managing to close above the crucial resistance 19,800 while Bank Nifty struggled to close above its 50 DMA. In the past few days, the technology Index has been the main contributor for recovery while Bank Nifty has been showing signs of major distribution. In fact, the recovery in Nifty above 19,800 can turn...
Market Morning Notes For 11th Oct 2023
Markets rebounded on Fed’s dovish stance with Nifty surging higher to regain above 50 DMA rallying by 1% on volumes which were lower than average. The resistance line for Nifty has moved higher from here on to 19,800 and should be seen as important hurdle to regaining of positive momentum. Yesterday’s rebound was mainly on the back of major gains in Bank Nifty which saw sharp surge after...
Market Morning Notes For 10th Oct 2023
Markets succumbed to selling pressure on Monday on back of tensions in middle east due to Israel-Hamas war with Nifty declining towards 19500 but broader markets like Midcap and Small cap index witness deeper cuts. The outlook for markets remains cautious at the current juncture and all eyes would be on movement in Brent crude prices which is showing signs of major bottom at 84. For Nifty, as...
Market Morning Notes For 9th Oct 2023
Markets for the week ended with marginal gains to form a hammer pattern on weekly candlestick chart after Nifty rebounded from lows of 19,333. The sharp fall in crude prices is the reason for the recovery in Indian markets but sentiment is likely to turn bearish after recent attack on Israel which has risk of escalation to a war with Iran in near future. For Nifty, 19,730 is seen as a...