Market Morning Notes For 10th October 2022
Markets last week ended with gains of over 1% after Sensex was able to close above the key resistance of 57634 despite pressure in the rupee where USDINR closed above 82.50 on the international exchanges. The current setup in SGX Nifty clearly indicates the formation of a ‘Broadening Descending Wedge’, which is highly bullish, and post-breakout above 17370, prices are likely to see a sharp...
Market Morning Notes For 7th October 2022
Markets opened with a gap-up yesterday but failed to sustain the positive momentum and closed with little gains as volatility emerged ahead of the weekly expiry day. Overall market breadth remained bullish, where 1,620 stocks advanced against 681 declined stocks. The 8-Bar reversal has activated a major reversal from the downtrend and the appearance of a breakout in the spread of the Nifty...
Market Morning Notes For 6th October 2022
Markets opened with a gap-up on Tuesday and rallied higher to close more than 2% with Bank Nifty outperforming by a wide margin and closing above the 39.000 mark. The 8-Bar reversal has activated a major reversal from the downtrend and the appearance of a breakout in the spread of the Nifty 50- Nifty500 Index, the gains in large-cap stocks are expected to accelerate further. The bullish...
Market Morning Notes For 4th October 2022
Markets remained under pressure on Monday with key indices ending lower by 1% on the back of concerns about the risk associated with Credit Suisse default and its impact on other financial institutions. Financials turned major drag on Monday with Bank Nifty ending lower by 2% while USDINR rebounded sharply towards 82 mark. For the Indian market, the appearance of a Bullish engulfing line...
Market Morning Notes For 3rd October 2022
Markets for the month had highly volatile trade on the back of a hawkish reaction by the US fed with Nifty ending lower by 4% while Bank Nifty trimmed lost 2% despite USDINR surging by 2.5%. The emergence of the ‘Bullish Engulfing line’ pattern on Friday has major significance as it has appeared near long-term support of 200 DMA and also has followed with ‘8 Bar Reversal’ in Sensex & Bank...
Market Morning Notes For 30th September 2022
Markets gave away gains yesterday and ended near day’s low at 16,800 levels while midcap and small-cap sectors outperformed the key benchmarks. The spread of the Nifty 50 – Nifty 500 Index has landed the support leg of ‘Bullish Flag’ and this would mean the next leg of up-move will be concentrated in high free float-based Nifty 50 stocks. In fact, the spread of the Nifty 50-Nifty...
Market Morning Notes For 29th September 2022
Markets tested its long-term support on Wednesday after Sensex ended at a 200-day exponential moving average which was placed at 56596 while midcap and small-cap sectors outperformed the key benchmarks. The selling was more concentrated in Sensex 30 stocks after Nifty breached the psychological mark of 17000 which triggered margin calls in the last hour of trade. After yesterday’s...
Market Morning Notes For 28th September 2022
Markets attempted to rebound in the early hours, but Sensex failed to sustain above key Fibonacci levels of 57634 which forced key indices to end in unchanged territory. The continuous surge in US 10-yr yield towards 4% created pressure in precious metals as well base commodities as the USD continues to outperform most asset classes. The delay in India’s inclusion into the key government...
Market Morning Notes For 27th September 2022
Markets succumbed to selling pressure on Monday after key indices opened with a gap below 50 DMA with the Nifty ending with losses of 2% while metals and financials suffered maximum because of the surge in USDINR beyond 81.5. The current corrective setup of BSE Sensex is similar in nature compared to the setup during 2018 and hence likely to be followed with quick recovery in the coming...