Weekly Market Wrap From 28th Aug to 1st Sept 2023
Nifty bounces from support; Global cues, Brent prices to be watched Nifty closed in the green after 5 consecutive losses on the weekly chart. Buying interest was seen in metal stocks followed by auto and consumer durable stocks last week. Conversely, there was a trend of profit-taking in oil & gas, FMCG and pharmaceutical stocks. Healthy macroeconomic data, including the June quarter...
Market Morning Notes For 4th Sept 2023
Markets witnessed a sharp jump on Friday which helped Nifty to end 5 weeks of losing streak and post weekly gains of closer to 1%. Friday’s rebound was mainly on the back of retail euphoria which suddenly pumped an additional Rs 32,000 crore into the system compared to the previous day and this may be termed as unusual buying to protect weekly closing. Friday’s up move has the maximum...
Market Morning Notes For 1st Sept 2023
Markets confirmed major trend reversal after Sensex closed below long-term support of 64,836 thus activating a bearish engulfing line on a monthly candlestick chart. This move is significant as most of long-term investors may use this signal for long liquidation unless a new buy signal emerges on a monthly basis. The immediate downside projection is seen 12% lower which turns out to be 57,084...
Market Morning Notes For 31st Aug 2023
Markets failed to carry opening momentum on Wednesday despite positive global market cues and finally ended unchanged. In fact, Nifty 50 retreated before touching 19,467 which clearly indicates bulls have lost control of the markets. Today being a monthly losing, it would throw necessary signals for long-term investors about the trend change. A negative closing of -0.38% or below 64836 in...
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...