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...
Market Morning Notes For 10th February 2023
Markets ended on a flat note after an initial gap-down opening which was mainly due to the announcement that MSCI is reconsidering Adani group shares’ free float in MSCI India Index after an allegation levied by the Hindenburg report. MSCI Indices are a globally highly tracked benchmark by the most global institution. For Nifty, the 17900 level has firmly acted as a major resistance...
Market Morning Notes For 09th February 2023
Markets rebounded sharply on Wednesday despite RBI hiking repo rates by 25 bps. RBI Gov says the situation remains fluid and uncertain. RBI is focused on the withdrawal of accommodation. Core inflation remains sticky and inflation will rule above the 4 pct target. Nifty has been trading in a narrow band of 17600-17900 since Budget Day and all eyes remain on the movement of USDINR which is...
Market Morning Notes For 8th February 2023
Benchmark indices extended losses on Tuesday as markets turned cautious ahead of U.S Fed Chairman Powel’s speech which was scheduled yesterday. Powel maintained that further rate hikes are not ruled out if the current trend of good jobs data continues or inflation remained high. But he maintained there were early signs of inflation coming down. For Indian markets, the weakness can...