Market Morning Notes For 20th July 2023
Markets advanced further to surpass 19,800 in Nifty during the last hour of trade with gains mainly on the back of a surge in Bank Nifty. The broader market Index – Nifty 100 Equal Weighted Index has formed a small rising wedge on the daily chart which shows the market is on the verge of completing its ending diagonal with an immediate reaction of 3% lower. We advocate a cautious...
Market Morning Notes For 19th July 2023
Markets extended a rally on continued buying by the FIIs with the Nifty clearing the much-awaited 19,800 mark. The Indian VIX continues to gain and is at 11.7. The sudden surge in India VIX provides a warning signal that the up move remains unsustainable and may trigger a sharp reversal in the coming days. The Nifty 50 Total Return Inverse Index, which tracks the Nifty 50 Index inversely, has...
Market Morning Notes For 18th July 2023
Markets rallied further on Monday on the back of domestic buying to help Nifty clear 19,700 levels but India VIX suddenly shot up by 6% to the 11.3 level mark. The sudden surge in India VIX provides a warning signal that the up move remains unsustainable and may trigger a sharp reversal in the coming days. The Nifty 50 Total Return Inverse Index, which tracks the Nifty 50 Index inversely, has...
Market Morning Notes For 14th July 2023
Markets witnessed the last hour of selling to erase opening gains of 1% forcing Nifty to settle around 19400 with the breadth of the market turning in favour of declines. The sudden reversal can be attributed to a sharp decline in USDJPY which has slipped below 138 and may trigger major carry trade unwinding in Indian Markets. Brent crude prices which remained stable around USD 75 have...
Market Morning Notes For 13th July 2023
Markets failed to sustain a higher opening on Wednesday and were followed by a reversal setup of a bearish engulfing line on a daily candlestick. Nifty ended below 19400 levels along with negative closing in India VIX. The sharp drop in USDJPY in the past few days has applied brakes to rally in the Indian markets and Sensex has further room for downside towards 64150 before we enter into a...
Market Morning Notes For 12th July 2023
Markets formed doji star on Tuesday after prices cooled from the day’s high after testing 19500 levels indicating signs of indecisiveness. The India VIX extended losses to the end near the 11 mark with aggressive put writing in the system as the market attempts to form a new base around 19000 in Nifty. In the coming days, the outlook remains cautious with the overall expectation that...
Market Morning Notes For 11th July 2023
Markets activity remained range bound as Nifty struggled to cross above 19500 due to weakness in Banks. The outlook for market remains cautious with major trend reversal support seen at 19200 while resistance is seen in the range of 19500-19600. We expect market to see base buildup around 19200 (will remain rangebound) before we see sustainable up move in the near term. Sensex Chart...
Market Morning Notes For 10th July 2023
Markets last week reacted from highs of 19,523 to form a shooting star on the weekly chart mainly on the back of weakness from rupee and selling in global markets. Applying ‘The Elliot Wave principle’ in Sensex suggests that the market still has upside room left before peaking but in the short term Sensex may correct further in the range of 1.2-1.7% from current levels. The lower reading in...
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...