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 18th Aug 2023
Markets broke crucial support on Thursday with Dollex 30 Index i.e., Sensex in USD terms breaching the support line occurring on 1st Dec 2022 thus opening gates for a 20% decline in the near term on a long-term basis. Markets tend to remain strong as long they hold comfortably above the previous highs, while below the same – turns the recent breakout void. In Nifty terms, we expect an...
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...
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...