Chart Analytics

Morning Action @ 7am – Friday, June 7th 2024

# Wall Street struggled for direction as investors braced for the highly-anticipated monthly Friday’s jobs report for further insights on the state of the labor market and to guide the monetary policy outlook.

# Traders were hoping that the Federal Reserve will follow in the footsteps of the Bank of Canada and the European Central Bank (ECB), which issued their first rate cuts this week.

The odds of a September rate cut have risen to 57% from last week's 45% probability.

Gift Nifty steady ahead of RBI’s MPC meeting outcome to be wired at 10:00 AM.

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (-12, 22906)
# Dow Futures: (+15, 38900)
# Nasdaq 100 Futures (+17, 19038)

# Nikkei (+395, 38888)
# Hang Seng (+85, 18562)

# Dow Jones (+79, 38886)
# Nasdaq (-15, 17173)
# Bovespa (+1492, 122899).

WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# In Thursday’s trade at Wall Street, US stocks ended mixed but thanks to CRM stock's gains (+2.6%), the Dow Jones gained 0.2% to end at 38,886. The S&P 500, meanwhile, slipped 0.02% to 5,352, while the Nasdaq Composite slipped 0.09% to 17,173.

# The yield on the 2-year Treasury yield fell 4.72%, its sixth-straight day of declines. The 10-year yield was down to 4.28%, also its sixth day down.

# Nonfarm payrolls are expected at 190,000 by economists surveyed by The Wall Street Journal, following April's 175,000 reading, with unemployment seen steady at 3.9%.

# WTI crude oil prices inched up towards $75.10 per barrel.

# COMEX Gold marches higher towards $2,373.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investor

Morning Action @ 7am – Thursday, June 6th 2024

The Good News: The S&P 500 and Nasdaq Composite closed at fresh records on Wednesday.

Nvidia, the poster boy of artificial intelligence, crossed $3 trillion in market value for the first time. Shares have benefitted from two things: demand for its AI chips and momentum. Also, Apple returned to the $3 trillion level.

# Wall Street also caught a tailwind in Wednesday’s trade as more signs of a cooling labor market boosted market participants' expectations for an earlier-than-expected rate cut from the Federal Reserve.

Gift Nifty jumps of the gate in early action as NDA leaders pledge support for PM Modi's efforts to eradicate poverty, his vision for Viksit Bharat.

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (+186, 22688)*
# Dow Futures: (-4, 38804)
# Nasdaq 100 Futures (-6, 19029)

# Nikkei (+395, 38888)
# Hang Seng (+153, 18577)

# Dow Jones (+96, 38807)
# Nasdaq (+330, 17188)
# Bovespa (-395, 121407).

WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# In Wednesday’s trade at Wall Street, US stocks moved higher on signs the red-hot labor market is cooling. Well, this lifted expectations that the Federal Reserve will issue its first quarter-point rate cut in September.

# As for the main indexes, the S&P 500 and Nasdaq Composite rallied 1.18% and 1.96%, respectively, while the Dow added 0.25%. Seven out of the 11 S&P sectors ended higher, led by technology, communication services and industrials.

# WTI crude oil prices consolidating at $74.10 per barrel amidst concerns over continued high interest rates by the Federal Reserve.

# COMEX Gold marches higher towards $2,365.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

Morning Action @ 7am – Wednesday, June 5th 2024

# Wall Street was choppy in Tuesday’s trade but the positive takeaway was that eventually US stocks settled in positive territory.

# The positive catalyst: The latest jobs data lifted expectations for a September rate cut

# The job openings (the Job Openings and Labor Turnover Survey), fell to a three-year low of 8.1 million in April, below the 8.35 million economists were expecting.

# According to CME Group's Fed Watch Tool, the probability of this occurring rose to 56% following the release of the JOLTS survey from yesterday's odds of 51%.

# In early action, Gift Nifty is treading water despite PM Modi in victory speech tells that NDA is set to form govt for third time, a first since 1962.

Long story short: Bulls will aim to regroup at lower levels.

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (-48, 22052)
# Dow Futures: (+40, 38751)
# Nasdaq 100 Futures (+31, 18685)

# Nikkei (-452, 38395)
# Hang Seng (+46, 18490)

# Dow Jones (+140, 38711)
# Nasdaq (+28, 16857)
# Bovespa (-230, 121802).

WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# In Tuesday’s trade at Wall Street, US stocks moved higher on signs the red-hot labor market is cooling. Well, this lifted expectations that the Federal Reserve will issue its first quarter-point rate cut in September.

As for the main indexes, the S&P 500 rose 0.2% to 5,291, the Nasdaq Composite added 0.2% to 16,857, and the Dow Jones rose 0.4% to 38,711.

# WTI crude oil prices tumbled towards $73.10 per barrel amidst concerns over continued high interest rates by the Federal Reserve.

# COMEX Gold consolidates at $2,327.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

Morning Action @ 7am – Monday, June 3rd 2024

# In early action, Gift Nifty is indicating a gap-up start (+528, 23270) as bulls aim for Nifty’s all-time-high at 23,111 driven by strong exit poll results

We suspect, the optimism shall continue till the judgement day (Tuesday, June 4th) with bullish investors anxiously awaiting with butterflies in the belly for the much-awaited poll results.

# This week, all eyes will also be on the outcome of three-day RBI Monetary Policy Committee (MPC) meeting, to be wired on June 7th

# Long story short: Make hay while the sun shines.

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (+528, 23270)
# Dow Futures: (+100, 38787)
# Nasdaq 100 Futures (+46, 18584)

# Nikkei (+456, 389634)

# Dow Jones (+575, 38686)
# Nasdaq (-2, 16735)
# Bovespa (-609, 122098).

EXACTLY HAPPENED AT WALL STREET IN FRIDAY’S TRADE:

# In Friday’s trade At Wall Street, the blue chip Dow Jones Industrial Average (+1.5% at 38,686) and broader S&P 500 (+0.8% at 5,277) held their gains through the close as Salesforce (+7.5%) bounced back from Thursday's earning related drubbing.

# The tech-heavy Nasdaq Composite (-0.01% at 16,735), meanwhile, rallied back from a nearly 2% intraday decline but still ended in the red

# The Personal Consumption and Expenditures (PCE) Price Index, which measures consumer spending, was up 0.3% from March to April, matching what was seen the month prior and arriving in line with economists' predictions. The annual increase in the PCE index was also unchanged at 2.7%.

# Futures traders are pricing in a strong chance the Fed will keep interest rates  steady at its June (99% probability) and July (85%) meetings. The odds of a quarter-point rate cut in September are currently at 47%, up from 45% one day ago.

# WTI crude oil prices are struggling at $77.67 per barrel amidst concerns over continued high interest rates by the Federal Reserve.

# COMEX Gold consolidates at $2,328.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Morning Action @ 7am – Friday, May 31st 2024

# In early action, Gift Nifty is seen flirting above the dotted lines on reports that ‘Southwest monsoon arrives in Kerala’

#  Overnight, Wall Street tumbled hard as Dow Jones dived 330 points as investors digested a number of disappointing corporate earnings reports (Salesforce (CRM) 19.7% tumble).

A drop in Salesforce shares was to blame for the Dow’s latest decline. Microsoft was another poor performer.

# `The negative takeaway was that the Dow Jones logged its largest 3-day loss since October 2023.

# Traders now look ahead to Friday's key ‘the personal consumption expenditures price index’ to be wired at 6:00 PM IST.

The Federal Reserve’s preferred inflation gauge could be a positive catalyst in market sentiment, if it shows inflation is cooling down.

# Long story short: Caution shall continue to be the buzzword ahead of Exit Poll results which will start to trickle in on Saturday, June 1st at 6:30 PM IST.

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (+21, 22684)
# Dow Futures: (-27, 38085)
# Nasdaq 100 Futures (-60, 18470)

# Nikkei (+169, 38223)
# Hang Seng (+179, 18409)

# Dow Jones (-330, 38111)
# Nasdaq (-184, 16737)
# Bovespa (CLOSED, 122707).

WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# At Thursday’s close, the Nasdaq Composite was down 1.1% at 16,737 and the S&P 500 was off 0.6% at 5,235. The Dow Jones Industrial Average fell 0.9% to 38,111.

# The losses at Wall Street was despite a downwardly revised first-quarter gross domestic product (GDP) (1.3% vs 1.6% initial reading) boosted expectations that the Federal Reserve could start cutting interest rates as soon as September.

# *Well, the trading revolves around when the first-rate cut will come from the Federal Reserve. Please note, any sticky inflation data from here-on still has the potential to trigger bigger market volatility.*

# WTI crude oil prices are struggling at $77.67 per barrel amidst concerns over continued high interest rates by the Federal Reserve.

# COMEX Gold consolidates at $2,343.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

Morning Action @ 7am – Thursday, May 30th 2024

# In early action, Gift Nifty is seen treading water as the global stock market sell-off is seen accelerating.

This Thursday morning, US stock futures are falling hard as the Dow futures are down 0.7% or 249 points, while S&P 500 and Nasdaq 100 futures were down about 0.4%. In extended trading, Salesforce plunged 16% after missing revenue expectations for the first quarter and issuing weak guidance for the second quarter

# Overnight, Wall Street tumbled hard as Dow Jones dived 411 points as bond yields rose again, dampening investors sentiment.

Long story short: Caution shall continue to be the buzzword and investors should prefer to stay on sidelines ahead of election outcome.*

7am GLOBAL UPDATE:

# GIFT Nifty 🇮🇳: (-57, 22663)
# Dow Futures: (-246, 38195)
# Nasdaq 100 Futures (-62, 18674)

# Nikkei (-837, 37719)
# Hang Seng (-53, 18423)

# Dow Jones (-411, 38442)
# Nasdaq (-99, 16921)
# Bovespa (-1073, 122707).

WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# At Wednesday’s close, the Nasdaq Composite was down 0.6% at 16,920 and the S&P 500 was off 0.7% at 5,266. The Dow Jones Industrial Average fell 1.1% to 38,441.

# Well, the trading revolves around when the first-rate cut will come from the Federal Reserve. Please note, any sticky inflation data from here-on still has the potential to trigger bigger market volatility.

The yield on the 2-year Treasury note was up to 4.983% while the 10-year yield was up to 4.623%.

The market’s fear gauge too roared as the CBOE Volatility Index, or VIX, was up 6% at 13.72.

Focus shifts to a key datapoint, ‘the US personal consumption expenditures price index’ to be wired on Friday, May 31st.

# WTI crude oil prices are struggling at $79.34 per barrel amidst concerns over continued high interest rates by the Federal Reserve.

# COMEX Gold slips a bit and seen consolidates at $2,337.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

Morning Action @ 7am – Wednesday, May 29th 2024

# The good news from Wall Street is that Nasdaq Composite marked fresh record close, and the bad news is that nothing else was working for bulls camp in Tuesday’s trade.

# We say so because, there was a time when any such AI hype was enough to lift the broader markets at Wall Street, but honestly speaking: worries about interest rates, inflation, and the economy’s path forward appear to be overshadowing any such excitement.

# `In Tuesday’s trade at Wall Street, the Dow Jones faltered while the Nasdaq Composite rose 0.6% to 17,019, its highest finish ever.

# The biggest positive catalyst:  Nasdaq nabbed record high on backdrop of rally in chipmaker Nvidia which soared 7%, gaining more than $180 billion in …
[07:09, 5/29/2024] +91 98200 53399: MARKET TRENDS & STRATEGIES @ 7.15am – Wednesday, May 29th 2024

MARKET TRENDS:
#  Global: Neutral
#  FII: Positive (+66 Cr)
#  DII: Positive (+3232 Cr)
#  Sentiment: Risky
#  Market Breadth: Neutral
#  Technicals: Overbought conditions
#  F&O: 22500 – 23500 zone.

#  INDIA VIX 24.20 (+4.32%)
#  Nifty PCR (30th MAY) 0.79
#  Bank Nifty PCR (29th MAY) 0.79

#  Nifty Outlook: Volatility is likely to be the hallmark.

WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

NIFTY (CMP 22888):
#  SUPPORT: 22617/22337
#  RESISTANCE: 23111/23500
#  RANGE: 22750 -23050
#  BIAS: Neutral

BANK NIFTY (CMP 49142):
#  SUPPORT: 48650/47900
#  RESISTANCE: 49975/50500
#  RANGE: 48600-49600
#  BIAS: Neutral

# Nifty: In yesterday’s trading session, Nifty witnessed some corrective declines after staying in green in the morning session. The negative takeaway was that the benchmark ended below the dotted lines and most importantly, for 3rd day in a row.

Nifty’s all-time-high is now at 23110.80 mark.

In the process, Nifty formed a small bearish candle on the daily charts indicating the benchmark may trade in a range in the near term.

The technical landscape suggests Nifty’s major support at 22650/22337 mark. Interweek support seen at 22000 mark.

Nifty’s hurdles seen at 23111/23500 mark.

Nifty’s 200 DMA at 21020 mark.

# Bank Nifty: In yesterday’s trading session, Bank Nifty witnessed massive consolidation and the negative takeaway was that the benchmark ended below the dotted lines and snapped a 3-day winning streak.

Bank Nifty’s all-time-high continues to be at 49974.75 mark.

Intraday support for Bank Nifty now seen at 48650/47900 mark and then at 47705 mark on closing basis.

In today’s trade, Bank Nifty is likely face resistance only at 49300/50000 mark. Bank Nifty’s 200-DMA is placed at 46064 mark.

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors