Pre Market Analysis – 30th Nov 2021
Markets remained more or less unchanged on Monday but broader markets continue to bleed with midcap and small cap indices ending with almost 2% losses. The Nifty Non IT index which holds 82% weight in Nifty 50 has posted another closing below support line of rising wedge on Monday, thus turning Nifty vulnerable for a 25-30% dip in the near term. The Nifty Bank although attempted...
Pre Market Analysis – 29th Nov 2021
Markets triggered surprised selling on Friday with prices opening below crucial support of 17312 which turned out to be the support line of Rising Wedge (Nifty in USD terms) and FII topped it with massive selling of around Rs 8000 cr which took away fire power of domestic participants to hold market. The pillar of strength namely Bank Nifty and Nifty Metal Index have already developed wider...
Pre Market Analysis – 26th Nov 2021
Markets attempted a rebound on expiry day with Nifty holding its make or break support of 17312 and Reliance Industries contributing entire gains in Nifty and the Sensex. It may appear that the market is showing strength by holding above 17312 which turns out to be a support line of rising wedge but one needs to be on high alert as most breakaway gaps indicate start of significant downtrend...
Pre Market Analysis – 25th Nov 2021
Markets traded firm, but fell towards the closing with indices turning sharply lower towards the fag end of the session. A reasonable negative candle was formed on the daily chart that has partially engulfed previous bull candle. This pattern signals weak upside bounce in the market. This market action also indicates a chance of Nifty revisiting the recent low of 17216 levels, below which we...
Pre Market Analysis – 24th Nov 2021
Markets attempted to break the crucial support of 17312 in initial hours but buying from domestic participants forced recovery to help Nifty close above 17500 with major out performance from midcap and small cap segment. As market has already opened wider cracks below 50 DMA, we can expect surprise hammering by bears in the coming days. With domestic operators putting extra effort to salvage...
Pre Market Analysis – 23rd Nov 2021
Markets triggered major unwinding on Monday with Bulls beginning to close out their long positions after Nifty sustained below 50 DMA post which key indices declined around 2%. The next leg of heavy selling may began on close below 17,312 which turns out to be the support line of Nifty in USD terms, below which market would be susceptible to 27% fall in quick span of time. An appearance of...
Pre Market Analysis – 17th Nov 2021
Markets developed wider cracks on Tuesday with Nifty closing below 18034 after intense battle with bulls and Bank Nifty surrendered below the 50 DMA on closing basis. The strength in market has certainly vanished after yesterday’s down move and once MSCI India ETF closes 1% further lower, it could turn out to be the final nail in the coffin before start of a sizeable and extended downtrend in...
Pre Market Analysis – 16th Nov 2021
Markets ended on a flat note even after Nifty’s initial efforts to surpass 18200 while breadth remained negative with major pressure seen from the metal index. For Nifty, the crucial support is seen at 18034 below which, markets are expected to see major unwinding. Currently, MSCI India ETF has also thrown up diamond top pattern which has led to range bound activity and a breakdown is placed...
Pre Market Analysis – 12th Nov 2021
Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. The Nifty broke below key support of expanding wedge which was placed at 17895 on closing basis and Bank Nifty testing its 50 DMA. The volumes shrunk in yesterday session with Non Institutional volumes crashing down to 36000 crore from avg 55000 crore due to continuous FII...