Pre Market Analysis – 7th Dec 2021
Markets succumbed to selling pressure on Monday with selling seen across the sectors and Nifty surrendering below crucial support of 17030. The Nifty Non IT Index has re-activated the breakdown of rising wedge thus opening space of 28% downside in the near term. Immediate target for Nifty is seen at 15100 in the coming days while Bank Nifty is likely to trigger selling below 36710 which turns...
Pre Market Analysis – 06th Dec 2021
Markets witnessed sharp reversal on Friday after Nifty in USD terms failed to carry momentum beyond 38.2% of entire downmove and was followed with weekly closing below 17312. Markets are vulnerable to major downfall as Nifty has been trading below 50 DMA for 11 trading sessions and this clearly means the next leg of decline would be severe with further downside in Nifty seen around 20%....
Pre Market Analysis – 3rd Dec 2021
Indian markets rallied in line with positive global cues after US raised debt ceiling till 15 Feb averting government shutdown. Nifty rallied around 1.5% to close above 17400 led by gains from technology stocks. In past two days, Nifty in USD terms has retraced 38.2% in a-b-c form of entire fall and prices still remains vulnerable for Wave 3 sell off as long prices trading below the...
Pre Market Analysis – 1st Dec 2021
Markets turned wildly volatile on Tuesday with Nifty making sharp U-turn after initial rally towards 17300 and finally ending in the negative terrain at day’s low. The Bank Nifty has confirmed major breakdown below crucial 200 DMA of 35700 on closing basis thus opening gates for 25-30% cut in the near term. Going forward, markets are likely to shift gears for a speedy decline with broader...
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...