Market Morning Notes For 17th Aug 2023
Markets opened lower on Wednesday on the back of weak global cues but recouped losses to close above 19,450 on the back of a recovery in Auto and IT stocks while Bank Nifty ended with losses. The crucial trigger for markets may come from the movement of USDINR which has been sustaining above major breakout levels of 83 and a surge in USDINR may open renewed selling in India’s ADR & GDR...
Market Morning Notes For 16th Aug 2023
Markets managed to recoup losses on Monday to end unchanged despite breaching an intermediate low of 19,296 in early trading hours. The breakout in India VIX above 11.5 along with USDINR sustenance above 83 in international exchanges poses a major threat to the Indian markets. The rise in USDINR would provide early indications about unwinding in long positions in Indian offshore indices like...
Weekly Market Wrap From 7th Aug to 11th Aug 2023
Result season keeps market busy; Macro data, Brent prices, Currency movement in focus Markets extended the downfall for the third week in a row as gains were capped after the RBI, in a surprise move, imposed a 10 pct incremental cash reserve ratio (ICRR) on banks starting August 12. Inflation concerns resurfaced as RBI elevated their CPI forecast by 30 bps to 5.4 pct. Global markets was...
Market Morning Notes For 14th Aug 2023
Markets extended losses for the third straight week with FIIs opening aggressive short positions in future segment and forcing Nifty to breach 19500 on Friday’s trading session. The outlook for market remains bearish with spread of Nifty 50- Nifty 500 breaching key support. A breach of support would indicate more addition of short positions in Index futures in the coming days in order to...
Market Morning Notes For 11th Aug 2023
Markets ended lower despite RBI maintaining status quo on repo rate. However, major reaction from market was seen after RBI increased the inflation forecast which triggered renewed selling pressure in financials. FII have opened fresh shorts in future segment by massive Rs 6,200 crore and one can expect aggressive shorting after spread of Nifty 50-Nifty 500 index breaks the support line. The...
Market Morning Notes For 10th Aug 2023
Markets witnessed a late recovery to end in positive terrain above 19600 on Wednesday ahead of the RBI credit policy meeting. Although RBI is unlikely to raise rates further, the commentary would be a crucial factor for future rate hikes given the sudden surge in retail vegetable prices and breakout in Brent crude prices. The Dollex 30 i.e., Sensex in USD terms has already confirmed a lower...
Market Morning Notes For 9th Aug 2023
Market ended with marginal losses after failure to cross above 19600 while India VIX confirmed a breakout after closing above the 11% mark. Both USDINR and Brent Crude rise pose a major risk to the Indian markets with Brent Crude positioned to hit USD 100 a bbl in the next few days. We expect selling pressure to aggravate further if Nifty sustains below 19600 with short term target seen at...
Market Morning Notes For 8th Aug 2023
Markets rebounded sharply to end with gains of 0.5% but financials remained under pressure while technology stocks were key contributors for yesterday’s up move. The widely tracked index by FII namely Dollex 30 i.e., Sensex in USD terms has seen a breach of the intermediate low and is followed by a major negative crossover in MACD. This move clearly corroborates that the current up move from...
Market Morning Notes For 4th Aug 2023
Markets resumed selling pressure on weekly expiry day with a fresh round of selling seen post 12 pm forcing Nifty to tank more than 200 points at one point time and thereafter recover to settle closer to 19400. The crack in markets is getting wider day by day due to a breakout inUSDINR which has pushed financial stocks into a free fall. The next leg of selling is expected after spread of...