Market Morning Notes For 01st March 2023
Markets inched further lower on Tuesday to extend losses for 8 consecutive trading sessions and formed an 8-bar reversal pattern on the candlestick chart. These 8 consecutive lows imply oversold positions and an immediate rally could force prices toward their intermediate high which provides a target of 18,134. As prices are forced in extremely oversold terrain, reversal often occurs...
Market Morning Notes For 27th February 2023
Markets for the week ended with losses of around 3% to close below 17,589 which turned out to be 200- a day EMA after sentiment in the market was dampened further due to selling in Adani group shares. With the Nifty 50 forming a lower low for 6 consecutive trading sessions, the short-term oscillators have entered into an oversold terrain and the last two day of negative closing in India VIX...
Market Morning Notes For 21st February 2023
Markets continued to be under selling pressure with financial stocks leading the decline, thus forcing the Nifty 50 Index to surrender below 17850. The bearish pennant is likely to aggravate further unwinding in the coming days with an immediate target seen at 17250 and 16800 respectively. In fact, the concerning part for the market comes from the Service sector index where the Nifty...
Market Morning Notes For 20th February 2023
Markets triggered the change in short-term trends after Nifty breached short-term support of 17,970 on Friday, thus activating a reversal with Bearish Pennant. The immediate reaction of Bearish Pennant should force prices to the lower end of the channel which is placed at 17,828 and below which, we may see a steep slide towards 16,800 in the near term. We expect Bank Nifty to test...
Market Morning Notes For 17th February 2023
Markets cooled off from the day’s high to finally settle with marginal gains after 50 DMA acted as a major hindrance to recent recovery. The formation of Bearish Pennant may take its course once Nifty 50 breaches the support of 17970 with immediate reaction expected towards 17783, which turns out to be the support leg of Pennant. The recent drop in US Jobless claims has raised...
Market Morning Notes For 16th February 2023
Markets on Wednesday recouped early losses and finally closed above 18,000 on back gains contributed from the non-financial segment with Reliance Industries leading from the front but volumes remained tepid. In fact, after yesterday’s up move, Nifty has moved towards crucial resistance of 50 DMA placed at 18,057 with the formation of Bearish Pennant. For Nifty to come out of a...
Market Morning Notes For 15th February 2023
Markets surged on low volumes on Tuesday with Nifty gaining around 1% on the back of positive global cues to close above 17900 while the breadth of the market remained negative. As the weekly pattern last week has turned out to be inside the bar, the upside breakout would be confirmed only on a weekly close above 17972 else we may see Nifty moving lower towards 17000. The lower...
Market Morning Notes For 14th February 2023
Markets remained under pressure due to Adani news flow with broader markets significantly underperforming key indices as Nifty closed below 17800. We expect selling pressure to intensify further with expect an immediate target for Nifty below 17000. The India VIX jumped sharply from key support of 12.7 in yesterday’s trade to post a short-term reversal of the Bullish Engulfing line...
Market Morning Notes For 13th February 2023
Markets for the week ended unchanged after multiple failed attempts to cross above 17,900 thus forming Inside Bar on a weekly candlestick. Markets have been battling with frequent negative news flow from Adani Group as more and more global institutions raise the alarm over the channeling of funds through safe haven destinations and overvaluation. For Nifty, the setup for the market still...