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
# 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