Markets on Friday confirmed major trend reversal after prices formed ‘Dark Cloud cover’ on candlestick with selling mainly from non-financial stocks. The non-financial segment has been main the contributor for uptrend in Indian markets since past few months and reversal here would open wider cracks for the entire market. Meanwhile, the Nifty IT index last week completed 10 weeks of…

Market got second booster shot on Thursday after FM Nirmala Sitharaman laied out plan for bad bank, which helped Nifty Bank to surge towards February highs of 37708. The Nifty Bank still remains at critical positions as ratio of Nifty Bank to Nifty which has resulted in the breakdown in past few days may swing 12% up or down in days to come. A breakdown in NYSE Composite on closing basis also…

The market gained after the government cleared the telecom relief package and PLI schemes for another sector to help Nifty close above 17500. The major contribution of upmove in Nifty was seen from technology stocks with Bank Nifty underperforming the Nifty Index. After yesterday upmove, the Nifty IT has hit a roadblock of 10 consecutive weekly highs. With Brent crude crossing above USD 75 a…

Markets remained in a narrow range with Nifty facing resistance at 15500 while broader markets like midcaps and small caps managed to outperform the leading index. With NYSE Composite closing below 100 DMA, we can expect global markets to face sustained selling pressure, while Indian markets which are trading at euphoric highs may see mean reversion when support of 17214 in Nifty is taken out…

Markets recouped its opening losses on Monday after gains from IT & Metals stocks while Bank Nifty ended lower by 0.6% and Nifty ended above 17350. After yesterday up move, both Brent crude and Natural Gas prices have activated short term breakout, thus opening scope for 10-15% upside in near term. We can expect financials to underperform due to such breakout while Nifty may turn see wild…

Markets for the week remained range bound with 17500 acting as a resistance while Bank Nifty continues to remain underperformer. Most of uptrend in Nifty 50 in the past 6 months has been contributed by Non-Banking stocks with Bank Nifty still 3% away from Feb 21 highs. There has been strong negative correlation in Bank Nifty and USDINR and we can expect deeper cracks in Bank Nifty as and when…

Bank Nifty rebounded from crucial support on Wednesday after Non-Financial stock came under selling pressure while USDINR reactivated monthly breakout on close above 73.60 for a potential target of 77.50. There is a direct negative correlation in USDINR and Bank Nifty and hence we may see wild swings in Bank Nifty in days to come. The Bank Nifty which so far has underperformed the Nifty by…