Global factors continue to drive Indian market. India’s GST Collection figures for April & collected in May were at 1.40 lakh crores. Auto sales for May month was little below expectation – failed to create positive surprise.
US Economic data continues to drive global sentiment. US ISM Manufacturing data & JOLTS Jobs opening data – Strong compared to estimate, impact >> Dollar Index @ 102.575 & US 10-year @ 2.92%.
VIX @ 20.84: Move again above 24 – 25 level – will turn cautious. VIX at current level ahead of event is normal.
Approach on Indices: Weekly options expiry could limit downside and surprise rally not ruled out as Banknifty is showing strength.
Market View: Recent rally can be termed as short-covering or relief rally and sustainable rally only post RBI MPC meeting, ECB & US FOMC meeting outcome. Today & tomorrow US jobs data will provide important cues ahead of RBI MPC meeting outcome on 8-Jun-22.
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Daily Report 2-Jun-22
Global factors continue to drive Indian market. India’s GST Collection figures for April & collected in May were at 1.40 lakh crores. Auto sales for May month was little below expectation – failed to create positive surprise.
US Economic data continues to drive global sentiment. US ISM Manufacturing data & JOLTS Jobs opening data – Strong compared to estimate, impact >> Dollar Index @ 102.575 & US 10-year @ 2.92%.
SGX Nifty @ 16438 down 70 points at 8:10 AM
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