Pre Market Analysis – 13th Dec 2021
Markets last week ended higher with 2% with broader markets outperforming leading indices but rupee remained under pressure. On the long term chart, Nifty has violated the long term support line and has closed below the same for 3rd consecutive week. The weekly support line henceforth will turn into resistance and Nifty for the week is likely to exert pressure around 17650-17850 in near...
Pre Market Analysis – 9th Dec 2021
Markets extended gains on Wednesday to close higher by 1.8% led by banks and technology stocks on back of upbeat global markets and RBI action. The RBI kept the rates unchanged and extended LTRO stimulus till Jan 2022. With yesterday’s up move, Nifty has moved closer to previous week high which turned out to 17489 and Nifty in USD terms 0.8% away. The larger setup in the market still...
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 – 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 – 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...
Pre Market Analysis – 11th Nov 2021
Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international...
Pre Market Analysis – 5th Oct 2021
Markets rallied 1% on hopes of accommodative stance by RBI in upcoming credit policy but situation has suddenly turned grim after Brent crude prices rose from USD 78 a bbl to USD 81 a bbl in late afternoon. With Nifty already holding Bearish Dark Cloud Cover in the previous week, markets are at a risk of major meltdown and a move above 74.50 in USDINR could add fuel to fire during a...
Pre Market Analysis – 29th Sept 2021
Nifty confirmed major trend change after closing below 17802, which activated bearish setup of upside gap two crows on candlestick. This setup has coincided with major breakdown in India ADR Index which has opened potential downside of 20% in the Indian markets. Meanwhile, a move above 74 in USDINR is likely to see further selling in Indian bonds with USDINR positioned to hit 77.50 in the...
Pre Market Analysis – 23rd Sep 2021
Nifty ended with marginal losses on Wednesday on back of major selling in Bank Nifty while gains in technology index provided relief for markets. With Fed announcing tapering from next meet and interest rate hike from next year, rupee may come under pressure which has already activated breakout above 73.60 for a potential target of 77. Another important trigger was seen from energy prices...