Market Morning Notes For 25th Jan 2024
Markets rebounded sharply from 50 DMA to post formidable gains and reconquered the resistance line placed at 70,665 led mainly by gains from technology and metal sectors. The oscillators in the past few days have seen cooling off from extreme overbought zone and provides necessary cushion for next leg of up move. With India VIX sustainably trading below the 15 mark despite hyper volatility,...
Market Morning Notes For 24th Jan 2024
Markets negated breakout on Tuesday after Sensex slipped below 70,665 triggering broad-based sell-off on back of expectations that SEBI is set to impose ultimate beneficial ownership norms for overseas investors w.e.f Feb 1. The midcap and small cap index saw deeper cuts of more than 3% while the pharma index being defensive posted gains of nearly 2%. From a short-term perspective, selling...
Market Morning Notes For 23rd Jan 2024
Markets for the week ended lower by 1.5% on back major selling from HDFC Bank with Sensex forming bearish engulfing pattern on the weekly chart. As prices are still trading above breakout levels of 70,665, we expect markets to be prone to upside bias with resistance seen at 75,000. The crucial aspect for the markets would depend on movement of volatility index. As long as India VIX continues...
Market Morning Notes For 19th Jan 2024
Markets extended weakness on Thursday with Sensex breaching short-term support of 71,500 and re-tested the earlier breakout zone of 70,650-70,665 with major pressure seen from IT and Banks. During yesterday’s decline, broader markets witnessed outperformance while India VIX declined and remained lower by 7%. The decline in India VIX may be hinting that put writers would have resumed...
Market Morning Notes For 18th Jan 2024
Markets tanked sharply on Wednesday on back of disappointment from HDFC Bank results forcing Bank Nifty to crack more than 4% and dragging Sensex towards crucial support of 71,500. As Sensex has tested the lower end of the channel, the closing may turn very important in today’s trading session. A close below 71,500 may open gates for deeper correction which may force Sensex to test 67,700 in...
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...