Last week – review
Nifty almost tested 18134 level, weekly high was just below 18100 and Banknifty convincingly crossed 41406 level on intraday basis.
De-coupling debate / discussion of Indian market is getting momentum as domestic economy stocks outperformed during the week, but witness some correction on Friday.
Approach on Technical: This week, technical setup is weak and considering VIX @ 19.82 and if VIX goes above 20 – 22, we expect high volatility due to US Fed event outcome on 21-Sep-22.
Equichain Wealth Advisors: Opinion & View
Banknifty continue to outperform as domestic economy remains resilient. Defense & Cement along with Banking & AUTO sector continue to do well on strong demand and expectation of healthy demand ahead of festive season.
Market View & Strategy
This week, focus would remain on US FED meeting outcome on 21-Sep-22, it could be termed as binary event and we have seen some surprise is thrown by market ahead of event and opposite reaction to policy outcome.