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...
Pre Market Analysis – 24th Nov 2021
Markets attempted to break the crucial support of 17312 in initial hours but buying from domestic participants forced recovery to help Nifty close above 17500 with major out performance from midcap and small cap segment. As market has already opened wider cracks below 50 DMA, we can expect surprise hammering by bears in the coming days. With domestic operators putting extra effort to salvage...
Pre Market Analysis – 17th Nov 2021
Markets developed wider cracks on Tuesday with Nifty closing below 18034 after intense battle with bulls and Bank Nifty surrendered below the 50 DMA on closing basis. The strength in market has certainly vanished after yesterday’s down move and once MSCI India ETF closes 1% further lower, it could turn out to be the final nail in the coffin before start of a sizeable and extended downtrend in...
Pre Market Analysis – 16th Nov 2021
Markets ended on a flat note even after Nifty’s initial efforts to surpass 18200 while breadth remained negative with major pressure seen from the metal index. For Nifty, the crucial support is seen at 18034 below which, markets are expected to see major unwinding. Currently, MSCI India ETF has also thrown up diamond top pattern which has led to range bound activity and a breakdown is placed...
Pre Market Analysis – 15th Nov 2021
Market for the week ended with gains of around 1% after sharp rebound on Friday which forced Nifty to close above 18,034 which is a crucial resistance levels. After Friday’s up move, the support line of expanding wedge is now placed at 17,945 and should be seen as a key breakdown levels for the coming days. On the other hand, with formation of weekly hammer pattern, the upside resistance for...
Pre Market Analysis – 11th Nov 2021
Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international...
Pre Market Analysis – 10th Nov 2021
Markets failed to carry the positive momentum ahead on Tuesday despite trading above 18034 for most part of the trading session with final tally ending with marginal negative terrain. The 18034 levels is considered very important pivot in fight amongst bulls and bears that we may see prices triggering wild downswing and breaking the support of expanding wedge placed at 17895, If there is a...
Pre Market Analysis – 9th Nov 2021
Markets rallied on Monday on positive global cues with Nifty gaining more than 1% in USD terms after U.S. democrats passed USD 1 trillion infrastructure bill which forced Nifty to settle above the key resistance of 18,034. A hanging man formation was also seen on Monday after prices gapped up, and then turned negative and recovered to close at day’s high which is a sign of indecisiveness. For...