Pre Market Analysis – 22nd Oct 2021
Nifty has ended below its previous day low for the 3rd straight day, but a 180 point rally in the last hour of trade, suggests that the relief rally could continue on the index in today’s trading session. The Bank Nifty was a clear outperformer in yesterday’s session, it not only made a fresh all time high by rallying nearly 1.5% in the last hour of trade, but also posted the highest ever...
Pre Market Analysis – 19th Oct 2021
Markets extended gains on Monday by ending in green for seventh consecutive trading session and attempting resistance of 18,600. For the next few days, 18500-18666 is seen as a crucial resistance after Dollex 30 i.e. Sensex in USD terms has managed to close above its Septembers highs on Monday. On downside short term support is seen 18445 on closing basis. Earnings Today- ACC, Heildelberg...
Pre Market Analysis – 13th Oct 2021
Market extended gains on Tuesday with Nifty ending higher by 0.3% but in USD terms remained more or less neutral. The Nifty in USD terms has been trading sideways since mid of September and has formed Head & Shoulder top and a short term breakdown is placed 1.6% lower. Today, all eyes will be on Fed Minutes which will set the tone for tapering adjustment and strength of dollar...
Pre Market Analysis – 12th Oct 2021
Nifty failed to sustain above 18000 on Monday as surge in USDINR forced Nifty to retreat from higher levels and ended below 17950. With long term breakout in USDINR being activated above 74.80, the positive momentum can easily carry upmove towards 78 and beyond. The rise in USDINR also has forced Indian 10 yr bond yield to cross 6.3% and this may eventually trigger more selling from FII. For...
Pre Market Analysis – 11th Oct 2021
Indian markets in dollar terms were up 1% for week as Nifty rallied 2% despite sharp drop in rupee and USDINR closing above 75. First time after August 2020, USDINR has posted weekly closing above 75 and we can expect move towards 78 in quick succession from here on. Last week, due to rupee depreciation, technology index was up 5% but from here on, we can expect major unwinding in financials...
Pre Market Analysis – 7th Oct 2021
Markets reacted sharply yesterday to depreciating rupee after USDINR crossed 74.60 mark and forced Nifty to end with losses of 1% while Bank Nifty settled below 37708. A breakout above 74.60 has opened gates for 80 in weeks to come and we can expect major hit to occur in Bank Nifty which is struggling to sustain above Feb 21 highs. Bank Nifty is currently 2% away from major breakdown and...
Pre Market Analysis – 1st Oct 2021
Nifty ended with losses of 0.5% led by weakness in Bank Nifty while broader markets remained firm due to outperformance in midcap and small cap stocks. FIIs in the last 3 trading session has sold more than Rs 20,000 crore in cash plus future segment and this has occurred after BNY India Depository Receipt Index breached critical support on Tuesday. We expect aggressive selling in markets on...
Pre Market Analysis – 30th Sept 2021
The benchmark indices ended lower for the second consecutive session on Wednesday amid volatility. Recovery in European markets and buying at lower levels helped the indices recoup losses. The Nifty once again took support near the 10-day SMA or 17,600 and reversed sharply. After yesterday’s sharp intraday fall, the index has formed a inside bar candle pattern which indicates...
Pre Market Analysis – 29th Sept 2021
Nifty confirmed major trend change after closing below 17802, which activated bearish setup of upside gap two crows on candlestick. This setup has coincided with major breakdown in India ADR Index which has opened potential downside of 20% in the Indian markets. Meanwhile, a move above 74 in USDINR is likely to see further selling in Indian bonds with USDINR positioned to hit 77.50 in the...