Pre Market Analysis – 16th Nov 2021
Markets ended on a flat note even after Nifty’s initial efforts to surpass 18200 while breadth remained negative with major pressure seen from the metal index. For Nifty, the crucial support is seen at 18034 below which, markets are expected to see major unwinding. Currently, MSCI India ETF has also thrown up diamond top pattern which has led to range bound activity and a breakdown is placed...
Pre Market Analysis – 15th Nov 2021
Market for the week ended with gains of around 1% after sharp rebound on Friday which forced Nifty to close above 18,034 which is a crucial resistance levels. After Friday’s up move, the support line of expanding wedge is now placed at 17,945 and should be seen as a key breakdown levels for the coming days. On the other hand, with formation of weekly hammer pattern, the upside resistance for...
Pre Market Analysis – 12th Nov 2021
Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. The Nifty broke below key support of expanding wedge which was placed at 17895 on closing basis and Bank Nifty testing its 50 DMA. The volumes shrunk in yesterday session with Non Institutional volumes crashing down to 36000 crore from avg 55000 crore due to continuous FII...
Pre Market Analysis – 11th Nov 2021
Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international...
Pre Market Analysis – 10th Nov 2021
Markets failed to carry the positive momentum ahead on Tuesday despite trading above 18034 for most part of the trading session with final tally ending with marginal negative terrain. The 18034 levels is considered very important pivot in fight amongst bulls and bears that we may see prices triggering wild downswing and breaking the support of expanding wedge placed at 17895, If there is a...
Pre Market Analysis – 9th Nov 2021
Markets rallied on Monday on positive global cues with Nifty gaining more than 1% in USD terms after U.S. democrats passed USD 1 trillion infrastructure bill which forced Nifty to settle above the key resistance of 18,034. A hanging man formation was also seen on Monday after prices gapped up, and then turned negative and recovered to close at day’s high which is a sign of indecisiveness. For...
Pre Market Analysis – 8th Nov 2021
Markets for the week ended with gains but remained range bound as it struggled to sustain above 18034 despite positive global markets. The rebound has occurred after two week of consecutive losses and should be seen as a mere pullback. The Nifty has already activated major breakdown below 18034 with immediate target seen at 16500 in the near term. Thus, one should adopt caution in next few...
Pre Market Analysis – 3rd Nov 2021
Markets attempted to test the crucial resistance of 18034, but late selling in market forced Nifty to end below 17900 while the broader market outperformed. The market remains vulnerable for a major sell off as long it trades below 18034 while MSCI India ETF trades 1% away from a major breakdown of 25% decline setup. Today, all eyes will be on U.S Fed policy decision which is likely to begin...
Pre Market Analysis – 2nd Nov 2021
Markets rebounded on Monday on back of positive sentiment amidst festival cheers with Nifty attempting to test crucial resistance of 18034 which it violated last week. The volume on Monday remained lower due to muted activity from FII but with BNY India ADR Index trading a mere 1.5% away from major breakdown, one needs to remain ultra-cautious despite optimism by domestic players. The Brent...