Market Morning Notes For 1st September 2022
Markets for the month of August ended positive after a sharp up move on Tuesday that shook most of the market participants as Nifty surged by around 500 points and Bank Nifty jumped 1300 points on the back of Rs 4000 crore buying by FIIs in the cash market. This up move has led to a major breakout on the ‘Monthly Chart’ for broader indices like Nifty 100 and BSE 100 index and is expected...
Market Morning Notes For 30th August 2022
Markets began on a negative note on Monday following weak global cues and the Nifty tested monthly support around 17158 and then closed above 17300 levels. A major weakness was seen in technology stocks with Nifty IT tanking by more than 3% while broader markets outperformed with Midcap and Small cap index ending with losses of less than 1%. For Nifty, this may be the last reaction of...
Pre Market Analysis – 14th Dec 2021
Markets succumbed to selling pressure on Monday after Nifty in USD terms failed to cross the previous week high and was followed with losses of around 1%. As Nifty 50 has also been trading below 50 DMA for 17 trading sessions, such lower high formation in Nifty in USD terms should be seen as ‘Double Top ‘ formation and should be followed with a downside of at least 16% in the coming days....
Pre Market Analysis – 13th Dec 2021
Markets last week ended higher with 2% with broader markets outperforming leading indices but rupee remained under pressure. On the long term chart, Nifty has violated the long term support line and has closed below the same for 3rd consecutive week. The weekly support line henceforth will turn into resistance and Nifty for the week is likely to exert pressure around 17650-17850 in near...
Pre Market Analysis – 10th Dec 2021
Markets ended with marginal gains on Thursday with Nifty closing above 17500 while Bank Nifty ended with losses of 0.5%. The Nifty in USD terms still remains 0.65% away from previous week high as USDINR strengthened in the past few days. Thus, the area of 17630-17650 should be seen as a major resistance for markets in coming days. Adding to it, USDINR has also triggered a breakout above 75.66...
Pre Market Analysis – 9th Dec 2021
Markets extended gains on Wednesday to close higher by 1.8% led by banks and technology stocks on back of upbeat global markets and RBI action. The RBI kept the rates unchanged and extended LTRO stimulus till Jan 2022. With yesterday’s up move, Nifty has moved closer to previous week high which turned out to 17489 and Nifty in USD terms 0.8% away. The larger setup in the market still...
Pre Market Analysis – 8th Dec 2021
Markets rebounded sharply on Tuesday reversing its Monday losses after Bank Nifty rallied by 2.5% from the crucial support of 200 DMA on back of global cues and ended above 36500. However despite the upmove, both Nifty and Bank Nifty continue to remain below 50 DMA and 100 DMA thus turning any upmove unsustainable in near term. Infact Bank Nifty has thrown up bearish pennant formation which...
Pre Market Analysis – 30th Nov 2021
Markets remained more or less unchanged on Monday but broader markets continue to bleed with midcap and small cap indices ending with almost 2% losses. The Nifty Non IT index which holds 82% weight in Nifty 50 has posted another closing below support line of rising wedge on Monday, thus turning Nifty vulnerable for a 25-30% dip in the near term. The Nifty Bank although attempted...
Pre Market Analysis – 25th Nov 2021
Markets traded firm, but fell towards the closing with indices turning sharply lower towards the fag end of the session. A reasonable negative candle was formed on the daily chart that has partially engulfed previous bull candle. This pattern signals weak upside bounce in the market. This market action also indicates a chance of Nifty revisiting the recent low of 17216 levels, below which we...