Market Morning Notes For 30th Aug 2023
Market activity remained muted on Monday with Nifty unable to cross 19,397 which turned out to be 50 DMA and followed with flat closing. After yesterday’s move, the MACD indicator has moved into the sell zone and hence any up move is likely to face follow-up selling in the coming days. The crucial trigger which may have a severe impact on the Indian markets is the rise in copper prices and...
Market Morning Notes For 29th Aug 2023
Markets attempted a rebound on Monday on the back of upbeat global markets but failed to extend beyond 19,350 which was followed by marginal gains to end around 19,300. The rise in India’s VIX above 12% exhibits caution as the next leg of decline could have severe repercussions. The spread of Nifty 50- Nifty 500 index which is a mere difference in values of the index suggests aggressive...
Market Morning Notes For 28th Aug 2023
Markets succumbed to selling pressure on Friday with prices opening lower and thereafter closing at the lowest point of the day by breaching a low of 19253.60. This breach has confirmed the start of Wave (3) of impulse degree which would have a minimum target of 17,657 and can even extend to 16,463. From trading perspective, this is an ideal time for opening short positions in Nifty September...
Market Morning Notes For 25 Aug 2023
Nifty opened with a gap up on Thursday but selling in the second half in financials stocks forced Nifty to end in the negative terrain turning the entire day into a bearish engulfing line on candlestick charts. As reversal has occurred after retracing 38.2% of the down move, it may signify end of corrective up move of Wave 2 and is likely to be followed by Wave 3 in the coming days....
Market Morning Notes For 24 Aug 2023
Markets managed to post gains on Wednesday on the back of support from Bank Nifty which rallied more than 1% on the back of a drop in USDINR and lower Brent crude prices. However, the setup for Nifty still calls for caution and resembles a similar situation that occurred on Sep-Oct 18. The price setup in Nifty 50 indicates that Wave (3) should resume after the current up move which...
Market Morning Notes For 23 Aug 2023
Market action may suggest “All is well” based on the performance of “B” Group stocks movement in the past few days. But underperformance in Nifty 50 indicates a sign of a major warning. The Indian markets have a history to replicate movement in US Banks with a lag effect of 15 days and some of the giant US Banks namely Goldman Sachs are already showing signs of a major...
Market Morning Notes For 22 Aug 2023
Markets began the week on a positive note with Nifty ending closer to 19,400 despite continuous selling from FIIs. The Nifty setup clearly calls for caution after the initial impulse leg of decline and the next leg of decline for Nifty could be well below 17000. The short-term charts suggest that selling pressure in markets could be reinforced on a move below 65,175 in Sensex and the next leg...
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 1st Aug 2023
Markets ended with gains of 0.5% yesterday on back sharp jump USDJPY with IT and Metals turning main contributors on Monday. With base metals prices surging almost 2% in yesterday’s trade, we expect this to impact the financial sector negatively. For Nifty, a move below 19700 should be seen as a reversal. The crucial support for Nifty is seen at 19,600 on closing basis below which,...