Market Morning Notes For 7th December 2022
Markets remained under pressure due to a surge in USDINR above 82.5 forcing Nifty 50 to end lower by 0.3% around 18650. The announcement of the cap of USD 60 a bbl on Russia Oil has forced Brent Oil to move below USD 80 a bbl which may have provided some temporary relief to the Indian markets. The short-term bottom in Brent oil is likely to extend towards USD 74, before we may see a major...
Market Morning Notes For 6th December 2022
Markets on Monday ended unchanged after an initial gap down opening to form a small Doji star in candlestick while Bank Nifty managed to settle with decent gains. The surge in USDINR and EURINR in yesterday’s trading session is likely to put pressure on Nifty 50 with an overall downside cushion for Indian markets available till 18300. We continue to maintain buy on decline strategy for Nifty...
Weekly Market Wrap For 28th Nov To 02nd Dec
Benchmark indices hit new highs; global cues, macro data to dictate trend in coming week Nifty spot touched an all-time high last week and was able to close above its previous all-time high peak whereas Bank nifty already had been trading above its previous all-time peak. Federal Reserve Chairman Jerome Powell said the central bank was considering a smaller rate hike this month following...
Market Morning Notes For 5th December 2022
Markets for the week gained 1% and managed to post weekly closing above the key resistance of 18580 despite selling pressure on Friday. The breakout above 18580 has negated important algo selling which can help Nifty 50 to scale towards 19867. In the immediate terms, we expect India VIX to decline towards 9%, and then Nifty 50 may resume its upward journey. In the short term, any decline...
Market Morning Notes For 2nd December 2022
Markets trimmed its opening gains to settle higher by 0.3% on Thursday’s trading session led by selling in banking stocks at higher levels. With Nifty 50 sustaining above 18580, the momentum remains highly positive for a potential target of 19987. However, from a positional perspective rising crude prices and rising JPYINR pose a major threat of a major reversal for Indian markets. Hence...
Market Morning Notes For 1st December 2022
Markets rallied on Wednesday after price breakout confirmation above 18580 and were also supported by volume breakout with total turnover crossing 100000 crores. The Fed commentary turned dovish about the further pace of rate hikes thus impacting global markets positively. This can provide a further push for Indian markets, and we can expect the upside potential for Nifty 50 to extend towards...
Market Morning Notes For 30th November 2022
Markets witnessed narrow trading activity on Tuesday with Nifty 50 closing above the key hurdle of 18580 but broader markets remained on the weak side with midcap and small-cap indices closing in the negative terrain. The lower India VIX reading and Nifty 50 closing above 18580 could see further buying in the next few days from non-Financial to force a further 6% up move in the coming days....
Market Morning Notes For 29th November 2022
Markets rallied on the back of gains from Reliance Industries and lower crude prices but failed to close above 18580 on the back of selling in Bank Nifty at higher levels. At the current juncture, markets are gearing for a major breakout, which is coming at a time when brent crude prices have entered the long-term support zone and Bank Nifty testing the resistance of a rising wedge. The...
Weekly Market Wrap For 21st To 25th November
Markets sees selling pressure; Derivative expiry to dictate the trend in coming week Nifty took a pause last week after a four week of consecutive gains as selling pressure was observed at higher levels on the back of profit booking. Nifty Bank however still managed to close higher in the week gone by. Volatility was also observed during the week as the tug-of-war between bulls and bears...