Morning Action @ 7am – Friday, May 24th 2024
# In Thursday’s trade, Wall Street sank as the Dow Jones posted its worst session in more than a year.
# The trading theme revolved around the hotter-than-expected US PMI data which fuelled concerns that interest rates could stay elevated for some time.
# The market lagged as volume thinned ahead of the long holiday weekend.
# As a reminder, Monday is a holiday at Wall Street with stock and bond markets closed in observance of Memorial Day.
# In early action, Gift Nifty is seen treading water indicating traders will stay on sidelines as focus will turn to next week's US core personal consumption expenditures price index which will need to show signs of progress on reducing inflation for markets to regain h…
MARKET TRENDS & STRATEGIES @ 7.15am – Friday, May 24th 2024
MARKET TRENDS:
# Global: Negative
# FII: Positive (+4671 Cr)
# DII: Positive (+147 Cr)
# Sentiment: Risky
# Market Breadth: Negative
# Technicals: Overbought conditions
# F&O: 22000 – 23500 zone.
# INDIA VIX 21.38 (-0.42%)
# Nifty PCR (30th MAY) 1.34
# Bank Nifty PCR (29th MAY) 1.23
# Nifty Outlook: Volatility is likely to be the hallmark.
# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
bummer
NIFTY (CMP 22968):
# SUPPORT: 22507/22387
# RESISTANCE: 23100/23500
# RANGE: 22700 -23100
# BIAS: Neutral
BANK NIFTY (CMP 48769):
# SUPPORT: 48300/47757
# RESISTANCE: 49151/49975
# RANGE: 48300-49100
# BIAS: Neutral
# Nifty: In yesterday’s trading session, Nifty witnessed an upbeat bullish action and the positive takeaway was that the benchmark ended only a tad below the dotted lines.
Nifty’s all-time-high continues to be at 2293.60 mark.
In the process, Nifty formed a long bullish candle and most importantly, the structure still appears quite bullish on the daily charts.
The technical landscape suggests Nifty’s major support at 22507/22387 mark. Interweek support seen at 22000 mark.
Nifty’s hurdles seen at 23100/23500 mark.
Nifty’s 200 DMA at 20968 mark.
# Bank Nifty: In yesterday’s trading session, Bank Nifty witnessed massive bullish action and the positive takeaway was that the benchmark ended way above the dotted lines and on a supper bullish note.
Bank Nifty’s all-time-high continues to be at 49974.75 mark.
Intraday support for Bank Nifty now seen at 48300/47757 mark and then at 47005 mark on closing basis.
In today’s trade, Bank Nifty is likely face resistance only at 49151/49600 mark. Bank Nifty’s 200-DMA is placed at 45999 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
# In Thursday’s trade, Wall Street sank as the Dow Jones posted its worst session in more than a year.
# The trading theme revolved around the hotter-than-expected US PMI data which fuelled concerns that interest rates could stay elevated for some time.
# The market lagged as volume thinned ahead of the long holiday weekend.
# As a reminder, Monday is a holiday at Wall Street with stock and bond markets closed in observance of Memorial Day.
# In early action, Gift Nifty is seen treading water indicating traders will stay on sidelines as focus will turn to next week's US core personal consumption expenditures price index which will need to show signs of progress on reducing inflation for markets to regain h…
MARKET TRENDS & STRATEGIES @ 7.15am – Friday, May 24th 2024
MARKET TRENDS:
# Global: Negative
# FII: Positive (+4671 Cr)
# DII: Positive (+147 Cr)
# Sentiment: Risky
# Market Breadth: Negative
# Technicals: Overbought conditions
# F&O: 22000 – 23500 zone.
# INDIA VIX 21.38 (-0.42%)
# Nifty PCR (30th MAY) 1.34
# Bank Nifty PCR (29th MAY) 1.23
# Nifty Outlook: Volatility is likely to be the hallmark.
# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
bummer
NIFTY (CMP 22968):
# SUPPORT: 22507/22387
# RESISTANCE: 23100/23500
# RANGE: 22700 -23100
# BIAS: Neutral
BANK NIFTY (CMP 48769):
# SUPPORT: 48300/47757
# RESISTANCE: 49151/49975
# RANGE: 48300-49100
# BIAS: Neutral
# Nifty: In yesterday’s trading session, Nifty witnessed an upbeat bullish action and the positive takeaway was that the benchmark ended only a tad below the dotted lines.
Nifty’s all-time-high continues to be at 2293.60 mark.
In the process, Nifty formed a long bullish candle and most importantly, the structure still appears quite bullish on the daily charts.
The technical landscape suggests Nifty’s major support at 22507/22387 mark. Interweek support seen at 22000 mark.
Nifty’s hurdles seen at 23100/23500 mark.
Nifty’s 200 DMA at 20968 mark.
# Bank Nifty: In yesterday’s trading session, Bank Nifty witnessed massive bullish action and the positive takeaway was that the benchmark ended way above the dotted lines and on a supper bullish note.
Bank Nifty’s all-time-high continues to be at 49974.75 mark.
Intraday support for Bank Nifty now seen at 48300/47757 mark and then at 47005 mark on closing basis.
In today’s trade, Bank Nifty is likely face resistance only at 49151/49600 mark. Bank Nifty’s 200-DMA is placed at 45999 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