Daily Report 1-Jun-22

Indian market ended flat after 3 days of rally and up move of 4% on major Indices.  Indian market corrected ahead of Biden-Powell meet.

Q4FY22 GDP growth @ 4.1% higher than estimate at 3.9%.  FY22 GDP growth @ 8.7% in line with estimate.  Fiscal deficit data: @ 6.7% Vs expectation of 6.7%.

Wall Street corrected post comment from Biden – Powell meeting were released.  Focus clearly remains on inflation.

Crude oil cooled-off from high after OPEC+ nations mulled Russia exclusion from group output.

VIX @ 20.48: Expect to consolidate in range of 20 – 22, any sharp increase in VIX surge to seen carefully as central banks meeting will remain key events this month.

Approach on Indices: We continue to believe; this month could provide opportunity for sharp bounce and we would prefer to take entry on Nifty @ 16362 & on Banknifty around 34863.