Market Morning Notes For 7th July 2023
Markets managed to post gains despite a surge in USDINR above 82.5 with Nifty scaling to new all-time high breaching the last two days of doji stars. The USDINR is expected to play a critical move in the coming days as weekly closing above 82.60 should open gates for up move towards 88, which is likely to derail momentum in equity markets. The crucial support for Nifty is seen at 19200 below...
Market Morning Notes For 6th July 2023
Markets remained unchanged on Wednesday after trading remained in a narrow trading range while Midcap and Small cap indices managed to outperform key indices. Nifty has been struggling to sustain above 19,400 after a rise in India’s VIX levels above 11.5. We can expect Nifty to see a short-term correction towards 19,200 before we see a resumption of up move towards 19800. Sensex...
Market Morning Notes For 5th July 2023
Markets formed a doji star on Tuesday with Nifty advancing for a sixth consecutive trading session while the breadth of the market remained negative. Doji star is seen as a sign of decisiveness and often acts as a warning signal before the actual top in the market. After the recent up move, markets seem to have stretched the upper limit and may witness a sharp reversal on close below 19100....
Market Morning Notes For 4th July 2023
Markets extended gains on Monday with the rally restricted mainly to Sensex Top 9 stocks helping Nifty to close above 19,300. The rise in India VIX along with the market move indicates caution at current levels as demand for hedges may prompt for sudden correction in the market. For Nifty, although a further upside towards 19,786 is not ruled out the possibility of such an event is remote. We...
Market Morning Notes For 28th June 2023
Markets surged on the back of gains from HDFC group stocks as Nifty 50 regain its control above 18,800 with FII suddenly turning net buyers to the tune of Rs 6000 crores (Spot + Future). The next rally in Nifty towards 19,700 is likely to be concentrated from top market cap stocks within Sensex. The price data of the top 9 stocks in Sensex shows rectangle consolidation which began from 1st...
Market Morning Notes For 26th June 2023
Markets activity last week remained range bound with final closing occurring with losses of less than 1% as Nifty failed to cross its all-time high. The weakness was seen mainly on the back of selling in financials and rout from Adani Group stocks which fell after the U.S. SEC began an inquiry into its financial statements. The larger picture for Nifty points out to an ultimate target of...
Market Morning Notes For 22nd June 2023
Markets extended gains on Tuesday to cross the 18850 mark in Nifty while the broader market remained laggard ahead of PM Modi’s U.S. visit. For Nifty, the breakout was activated in Nifty Top 9 stocks index which may help Nifty to surge 700-800 points in the near term while broader market may see further underperformance. We expect major short covering to occur above 18900 for immediate target...
Market Morning Notes For 21st June 2023
Nifty rebounded sharply from support zone of 18,669 to finally ending in the positive terrain and negated the short-term downtrend. The rebound occurred mainly from strength emerging from Nifty Top 9 stocks which has seen signs of major accumulation and is on a verge of ending diagonal breakout. The Nifty Top 9 stocks currently carry weightage of 49% and should act as a key catalyst for...
Market Morning Notes For 20th June 2023
Markets ended lower after Nifty failed to sustain above 18,900 and led to the formation of dark cloud cover on a daily candlestick chart. The short-term breakout in Nifty is seen above 18,669 and as long it holds above the same, there is a strong possibility of the current rally extending towards 19,200. On the global front, Fed Chair Jerome Powell will give his semi-annual report to...