Market Morning Notes For 1st Sept 2023
Markets confirmed major trend reversal after Sensex closed below long-term support of 64,836 thus activating a bearish engulfing line on a monthly candlestick chart. This move is significant as most of long-term investors may use this signal for long liquidation unless a new buy signal emerges on a monthly basis. The immediate downside projection is seen 12% lower which turns out to be 57,084...
Market Morning Notes For 31st Aug 2023
Markets failed to carry opening momentum on Wednesday despite positive global market cues and finally ended unchanged. In fact, Nifty 50 retreated before touching 19,467 which clearly indicates bulls have lost control of the markets. Today being a monthly losing, it would throw necessary signals for long-term investors about the trend change. A negative closing of -0.38% or below 64836 in...
Market Morning Notes For 18th Aug 2023
Markets broke crucial support on Thursday with Dollex 30 Index i.e., Sensex in USD terms breaching the support line occurring on 1st Dec 2022 thus opening gates for a 20% decline in the near term on a long-term basis. Markets tend to remain strong as long they hold comfortably above the previous highs, while below the same – turns the recent breakout void. In Nifty terms, we expect an...
Market Morning Notes For 17th Aug 2023
Markets opened lower on Wednesday on the back of weak global cues but recouped losses to close above 19,450 on the back of a recovery in Auto and IT stocks while Bank Nifty ended with losses. The crucial trigger for markets may come from the movement of USDINR which has been sustaining above major breakout levels of 83 and a surge in USDINR may open renewed selling in India’s ADR & GDR...
Market Morning Notes For 16th Aug 2023
Markets managed to recoup losses on Monday to end unchanged despite breaching an intermediate low of 19,296 in early trading hours. The breakout in India VIX above 11.5 along with USDINR sustenance above 83 in international exchanges poses a major threat to the Indian markets. The rise in USDINR would provide early indications about unwinding in long positions in Indian offshore indices like...
Market Morning Notes For 14th Aug 2023
Markets extended losses for the third straight week with FIIs opening aggressive short positions in future segment and forcing Nifty to breach 19500 on Friday’s trading session. The outlook for market remains bearish with spread of Nifty 50- Nifty 500 breaching key support. A breach of support would indicate more addition of short positions in Index futures in the coming days in order to...
Market Morning Notes For 11th Aug 2023
Markets ended lower despite RBI maintaining status quo on repo rate. However, major reaction from market was seen after RBI increased the inflation forecast which triggered renewed selling pressure in financials. FII have opened fresh shorts in future segment by massive Rs 6,200 crore and one can expect aggressive shorting after spread of Nifty 50-Nifty 500 index breaks the support line. The...
Market Morning Notes For 10th Aug 2023
Markets witnessed a late recovery to end in positive terrain above 19600 on Wednesday ahead of the RBI credit policy meeting. Although RBI is unlikely to raise rates further, the commentary would be a crucial factor for future rate hikes given the sudden surge in retail vegetable prices and breakout in Brent crude prices. The Dollex 30 i.e., Sensex in USD terms has already confirmed a lower...
Market Morning Notes For 9th Aug 2023
Market ended with marginal losses after failure to cross above 19600 while India VIX confirmed a breakout after closing above the 11% mark. Both USDINR and Brent Crude rise pose a major risk to the Indian markets with Brent Crude positioned to hit USD 100 a bbl in the next few days. We expect selling pressure to aggravate further if Nifty sustains below 19600 with short term target seen at...