Weekly Market Report From 27th Feb to 03rd Mar 2023
Nifty bounces from support levels; Global cues will be in focus in the coming week Markets ended with minor gains with broader markets outperforming as sentiments remained cautious on weak global cues. Markets ignored Federal Reserve Bank of Atlanta President Raphael Bostic’s comments that the central bank could be in a position to pause rate hikes sometime this summer. For the week,...
Market Morning Notes For 02nd March 2023
Markets rebounded with a vengeance after the 8-Bar reversal helping the Nifty 50 to regain above 200-DMA with midcaps and small-cap counters outshining key benchmark indices. The 8-bar reversal setup had occurred at a time when S&P Dollex 30 i.e., Sensex in USD terms was testing its down thrust of a bullish pattern i.e., falling wedge. This U-turn in Dollex 30 index opens the scope...
Market Morning Notes For 01st March 2023
Markets inched further lower on Tuesday to extend losses for 8 consecutive trading sessions and formed an 8-bar reversal pattern on the candlestick chart. These 8 consecutive lows imply oversold positions and an immediate rally could force prices toward their intermediate high which provides a target of 18,134. As prices are forced in extremely oversold terrain, reversal often occurs...
Weekly Market Report From 20th to 24th Feb 2023
Nifty slips near the bear market range; Macroeconomic data in focus Markets continued to reel under pressure on weak domestic and international cues as Nifty dipped below the crucial long-term support of the 200-Day EMA of 17,569 levels. Markets were worried that the US Federal Reserve might raise interest rates further to curb inflation along with fresh foreign fund outflows also dented...
Market Morning Notes For 27th February 2023
Markets for the week ended with losses of around 3% to close below 17,589 which turned out to be 200- a day EMA after sentiment in the market was dampened further due to selling in Adani group shares. With the Nifty 50 forming a lower low for 6 consecutive trading sessions, the short-term oscillators have entered into an oversold terrain and the last two day of negative closing in India VIX...
Market Morning Notes For 21st February 2023
Markets continued to be under selling pressure with financial stocks leading the decline, thus forcing the Nifty 50 Index to surrender below 17850. The bearish pennant is likely to aggravate further unwinding in the coming days with an immediate target seen at 17250 and 16800 respectively. In fact, the concerning part for the market comes from the Service sector index where the Nifty...
Weekly Market Report From 13th to 17th Feb 2023
Markets back in 17,800-18,200 range; Global cues will remain in focus Equity markets continued to remain volatile during the week as caution prevailed in the later part of the week, after a fresh slate of U.S. economic data, which increased bets that the Federal Reserve would keep interest rates higher for longer. US CPI came in at 6.4 pct YoY for January, a bit higher than the 6.2 pct...
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...