Market Morning Notes For 20th September 2024
Nifty faced profit taking after a gap up opening at record highs but witnessed profit taking at higher levels. Bank Nifty continued its short-term outperformance against the Nifty wherein the index missed trading a fresh all-time high by a whisker. Global markets reacted positively overnight which is taken forwards as a more matured reaction to Fed’s interest rate reduction cycle...
Market Morning Notes For 19th September 2024
Markets remained under pressure with finally ending with losses of 0.2% ahead of crucial US Fed meeting. With Fed cutting rates aggressively by 50 bps, markets may react positively in initial phase but later is likely to succumb to selling pressure as it would hint of slower growth in the US economy. For Nifty, with evolution of rising wedge setup, the upper resistance for Nifty is seen in...
Market Morning Notes For 18th September 2024
Markets activity remained subdued with Nifty posting marginal gains to close above 25,400 ahead of the key US Fed Monetary policy meeting. The short-term data suggests prices are oscillating at upthrust zone of rising wedge and is prone to a larger reversal on close below 25,250. Globally, markets have discounted 50 bps rate cut in today’s Fed policy and we expect markets to sell off if...
Market Morning Notes For 17th September 2024
Nifty continued its consolidation in half a percent band on Monday as the market prepares itself for the September FOMC meet commencement tonight. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to sustain beyond 25,575 while reversal is seen on a close below 25,250. Nifty 50 Chart Stocks to watch...
Market Morning Notes For 16th September 2024
Markets for the week recouped entire earlier week losses to regain control above 25,200 on expectation of a 50-bps rate cut in the US Fed policy. This surge in Nifty was witnessed at a time when JPY saw further sharp appreciation on expectations of a weak dollar. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to...
Market Morning Notes For 13th September 2024
Markets rallied to new all-time high with Nifty clocking gains of more than 400 points on expectation of a 50-bps rate cut in next week Fed’s policy. Yesterday positive impact was also driven by ECB cutting rate by 25 bps which led to arrest of gains in EURINR. At the present juncture, the Nifty has formed setup of rising wedge and this would mean Nifty is likely to remain under pressure on...
Market Morning Notes For 12th September 2024
Markets succumbed to selling pressure on Wednesday on back of USDJPY breaching recent low of 141, triggering risk of major carry trade in unwinding. At present, markets are building expectations from next week’s US Fed for aggressive rate cut, hence any decline are met with buying at lower levels. For Nifty, the outlook remains cautious with surge in JPYINR and Nifty expected to see wide...
Market Morning Notes For 11th September 2024
Markets rebounded on back of gains in Asian markets with Nifty ending higher over 100 points on back of lower Brent crude prices and accommodative stance expectation from the U.S Fed. The concern for Indian markets comes through weakness in dollar index as surge in JPYINR may trigger direct unwinding from Japanese investor who had aggressively increased allocation to Indian markets in the...
Market Morning Notes For 10th September 2024
Markets rebounded from lows to end in the positive terrain led by gains from Nifty Bank while broader markets continued to remain under pressure. Midcap and Small cap index ended in the red. The global markets are currently anticipating 50 bps cut in rates in the upcoming Fed policy scheduled next week and in case of 25 bps cut, markets could see trigger kneejerk reaction. Meanwhile, for the...