Pre Market Analysis – 13th Sep 2021
Markets for the week remained range bound with 17500 acting as a resistance while Bank Nifty continues to remain underperformer. Most of uptrend in Nifty 50 in the past 6 months has been contributed by Non-Banking stocks with Bank Nifty still 3% away from Feb 21 highs. There has been strong negative correlation in Bank Nifty and USDINR and we can expect deeper cracks in Bank Nifty as and when...
Weekly Market Research by Fintoo – 12th Sept 2021
#uid-120672f9e76e4950 .heading h2 { line-height: 1.6em; font-weight: 400; } Markets flattens at the top in absence of fresh cues Nifty indices once again scaled to record highs in the week gone by as the rally got supported by mid cap and energy counter. Nifty surpassed 17,400 levels during the week but however could not manage to close above that and ended on a flat note....
Pre Market Analysis – 9th Sep 2021
Bank Nifty rebounded from crucial support on Wednesday after Non-Financial stock came under selling pressure while USDINR reactivated monthly breakout on close above 73.60 for a potential target of 77.50. There is a direct negative correlation in USDINR and Bank Nifty and hence we may see wild swings in Bank Nifty in days to come. The Bank Nifty which so far has underperformed the Nifty by...
Pre Market Analysis – 2nd Sep 2021
Markets witnessed profit booking around 17200 levels led by unwinding in Nifty Bank at 37000 with Nifty ending in negative but sustaining above the 17050 mark. After the recent upsurge, 17050 will act as key defense for the market as rally has seen lack of participation from Nifty Bank and we may see significant selling in Nifty Bank whenever it closes or sustain below 36215 levels. An...
Pre Market Analysis – 1st Sep 2021
Market rallied on Tuesday with gains contributed mainly by Non Financials stocks while Bank Nifty struggled to sustain at higher levels. Nifty managed to close above 17050 but the breadth of market turned negative and India VIX surged by 9%, which is an indication of rally driven by major short covering. We can expect 17050 to act as a crucial trend reversal for the current upmove and...
Pre Market Analysis – 31st Aug 2021
India’s stock benchmarks closed at record amid positive global cues following Federal Reserve Chairman Jerome Powell’s dovish comments that the U.S. central bank would not be in a hurry to hike rates. Nifty rallied on back of support of financials with Bank Nifty gaining by 2% and regaining its control above 36300, while Nifty crossed above short term resistance of 16875. The current...
Pre Market Analysis – 30th Aug 2021
Markets for week ended at all-time high above 16700 after sharp rally from technology stocks which gained by almost 3% while broader markets underperformed. The weekly chart of Nifty has thrown up hanging man pattern on candlestick which indicates asset prices are on a verge of a downfall. In order to validate bearish reversal, the following candle in the coming week must have closing below...
Weekly Market Research by Fintoo – 29th Aug 2021
#uid-12423e210ece56bf .heading h2 { line-height: 1.6em; font-weight: 400; } New Highs continues, global cues to dictate trend Indian markets began September series on a positive note as Nifty hit record highs and managed to close above 16700 levels for first time. Mid cap index continued its upside momentum along with IT and FMCG counter. Banking stocks however once again...
Pre Market Analysis – 27th Aug 2021
Markets are expected to open on a cautious note amid weak global cues. The Nifty closed flat after a volatile session with intraday swings of 90 points as the expiry of derivative contracts ended at an all-time closing high. Banks and Reliance led the gainers while Metals and Bharti Airtel saw weakness on selling pressure. As volatility has narrowed down in the past few days, we...