Pre Market Analysis – 16th Dec 2021
Markets violated the key support on Wednesday after Nifty closed below 17312 while USDINR cleared its psychological barrier of 76. The close below 17312 has also reactivated breakdown in Nifty Non IT Index which holds 82% weight within Nifty and projects downside potential of 28% in near term. With JPYINR clearly sustaining above 66.70, we expect any rebound in equity markets to remain...
Pre Market Analysis – 15th Dec 2021
Markets remained under pressure on Tuesday with Nifty regaining above key the support of 17312 after initial gap down opening. With USDINR crossing above 76 in international market, the selling in equity market is likely to accelerate further. Expect major breakdown and spike in volatility if Nifty closes below 17312 for a potential target of 16% lower. Stocks in news ITC management...
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 – 7th Dec 2021
Markets succumbed to selling pressure on Monday with selling seen across the sectors and Nifty surrendering below crucial support of 17030. The Nifty Non IT Index has re-activated the breakdown of rising wedge thus opening space of 28% downside in the near term. Immediate target for Nifty is seen at 15100 in the coming days while Bank Nifty is likely to trigger selling below 36710 which turns...
Pre Market Analysis – 06th Dec 2021
Markets witnessed sharp reversal on Friday after Nifty in USD terms failed to carry momentum beyond 38.2% of entire downmove and was followed with weekly closing below 17312. Markets are vulnerable to major downfall as Nifty has been trading below 50 DMA for 11 trading sessions and this clearly means the next leg of decline would be severe with further downside in Nifty seen around 20%....