Market Morning Notes 8th July 2022
Markets gained momentum on Thursday with Nifty closing above the critical hurdle of 16123 and Bank Nifty surging by almost 2%. The journey from 16123 to 17500 may turn out to be fast in the near term with Bank Nifty expected to reach 38000. The major punch for the market is expected from the short-covering of FII in the derivatives market and hence large financial stocks are likely to...
Market Morning Notes For 7th July 2022
Markets confirmed a major reversal on Wednesday after S&P Dollex 30 posted a closing well above crucial resistance of 5555 after initial hiccups. The breakout from ‘falling wedge’ which is a bullish setup has led to massive short covering by FIIs in the derivative segment with FII adding Rs 3000+ crore in the future segment. The Bank Nifty outperformed Nifty with a wide margin and...
Market Morning Notes For 5th July 2022
Markets ended on a positive note after initial jitters with recovery led by gains in Nifty Bank while metals and technology stocks continued to remain under pressure as Bank Nifty formed a ‘Bullish White candle’. There has been a major shift in the sectoral dynamics in the past few weeks and whenever a rally in the market is contributed by gains in banking stocks, it is more likely to...
Indian IT Stocks experience correction – Time To Take Advantage?
Share prices of Indian IT companies have seen a sharp correction recently with the Nifty IT index down 27 %so far this year (CY22). Midcap IT stocks like L&T Technology Services, L&T Infotech, and Tech Mahindra have corrected between 40-45 % while larger names like TCS and Infosys have corrected by 12-22%. Also, U.S. Tech stocks have fallen quite sharply with the Nasdaq 100...
Market Morning Notes For 4th July 2022
Markets continued to witness volatile trade tracking weak global trends as inflation and recession fears kept investors on edge. Markets have struggled for direction which is also evident from dwindling volumes. However, the spread of the Nifty 50-Nifty 500 Index has been approaching a ‘Bullish Triangle’ breakout and this would mean the next leg of the up move would be highly concentrated...
Market Morning Notes For 1st July 2022
Markets on Thursday ended on a flat note firmly holding close above crucial support of 15683 as broader markets continue to budge under pressure while Bank Nifty posted gains of 0.5%. The spread of the Nifty 50-Nifty 500 Index has been approaching a ‘Bullish Triangle’ breakout and this would mean the next leg of the up move would be highly concentrated in Nifty 50 stocks. An appearance of...
Market Morning Notes 30th June 2022
Markets recovered from lows and closed with losses of less than 0.5% while broader markets struggled to post any meaningful recovery. The dull trading state in the market may soon be coming to an end as the Nifty enters the apex zone of the ‘Falling wedge’. With the appearance of positive crossover in MACD indicator and sustainable close above 15683, we expect the next leg of up move to...
Market Morning Notes For 29th June 2022
Markets opened lower on Tuesday amidst weak global cues but a late recovery in the broader market helped the Nifty end with marginal gains above 15850. The trading volumes were the lowest for the year as dull activity forced most participants to sit on the sidelines. Generally, at the tapered end of ‘Falling Wedge’, volumes tend to contract and later on expand with a rising gap. In the...
Market Morning Notes For 28th June 2022
Markets ended higher but cooled off from higher levels to close with gains of 0.9% in Nifty while gains were contributed by mainly technology and metal sector. The upside momentum for the market has already begun after Friday closing above 15683 and in the near term, prices are expected to surge higher despite the wall of worries. The initial motion may be a a slower pace due to lack...