Market Morning Notes For 1st June 2023
Markets for the May ended higher for the second straight month and posted gains of 2.5%. The monthly charts indicate short term hurdle at 18604.45, above which we expect smooth sailing towards 19285 for the month of June. The key catalyst for the strong up move in June may come from sharp drop in brent crude prices which has managed to settle below USD 74 a bbl. We expect 18508 to act as a...
Market Morning Notes For 31st May 2023
Market activity remained range bound on Tuesday but Nifty managed to stay afloat above the breakaway gap support which was placed at 18,508. The next leg of breakout may be witnessed above 18,750 in Nifty futures with the short-term target placed at 19,000. In today’s trading session, we can expect lower opening but buying support is expected to emerge around 18,580. Nifty 50 Stocks...
Market Morning Notes For 30th May 2023
Markets formed breakaway gap on Monday after Nifty surpassed psychological barrier of 18,500 and managed to stay above same for rest of the day. The breakaway gap confirms the start of new uptrend which has minimum potential to test levels of 19,285. For today’s trading session, support is seen at 18,500 with upside target for day set at 18,774. Nifty 50 Stocks to...
Market Morning Notes For 29th May 2023
Markets for the week posted smart gains with Nifty 50 rising around 1.5% while broader indices like Nifty 50 Equal Weight Index and Nifty Midcap 100 index outperformed with wide margin by surging around 2.7%. The breakout above 140 in USDJPY may provide more stimulus for Indian markets to catch up momentum with Nikkei Index which so far for the year has been up +20%. Nifty 50 which already...
Market Morning Notes For 24th May 2023
Markets cooled off from the day’s high after hitting 18420 to end with a small doji star on candlesticks while most technology stocks ended in negative terrain. The Nifty is currently in Wave 5 of (V) and declines from here on should be considered as part of Wave (ii) within Wave 5. An ideal retracement or support can be confirmed anywhere between 18230-1275 with Wave (iii) target seen at...
Market Morning Notes For 23rd May 2023
Markets extended Friday’s momentum yesterday as Nifty managed to surpass 18,300 despite weakness in Bank Nifty while Adani stocks surged on the Supreme Court ruling. The Nifty has managed to show up strength despite USDINR repositioning itself for an upside breakout and a potential target of 86. The data points in Nifty show that we should see catching-up momentum as prices enter Wave-5,...
Weekly Market Report From 15th to 19th May 2023
Rangebound trend last week; Uptrend intact in Nifty, 18,500 in sight Markets remained volatile in the week gone by and ended almost unchanged as Nifty closed above 18200 levels, with a mixed performance from the broader markets. Uncertainties related to U.S. interest rates and the U.S. debt ceiling standoff have prompted investors to stay cautious even as FIIs continued to pump money into...
Market Morning Notes For 22nd May 2023
Markets for the week ended lower by 0.5% on concerns of uncertainty over raising the U.S Debt ceiling while late recovery on Friday above 18,200 helped Nifty to trim its weekly losses. The Nifty in USD terms clearly shows completion of corrective wave 4 which managed to retrace around 23.6% and expect Wave 5 to gain momentum on move past 18241 in the Nifty spot with possible upside seen at...
Market Morning Notes For 19th May 2023
Markets gave away their opening gains on Thursday to end below 18150 on the back of a sharp surge in USDINR to 82.60. For Indian markets, selling from domestic participants has been putting pressure while FIIs continue to remain net buyers. The Sensex has completed seven trading sessions of expanding triangle and should be followed with Wave 5 which has a minimum potential target of 8%. The...