Market reacted to 75 bps hike by US Fed on Thursday, Indian market was down by around 2%.
Wall Street was down by 2.42% to 4.08%. Recession fear grips the market as US Fed set the goal clear to bring inflation under control. DOW30 closed below 30000 level mark.
Direct Tax Collections Jump 51%, Advance Tax Mop-Up Rises 48% In Q1 FY23.
VIX @ 22.87: Yesterday’s opening hour trade – cooled-off as per expectation, but sell-off triggered sharp rebound in VIX. If VIX manages to go above 25 – expect more volatility.
Approach on Indices: SGX Nifty indicates flat opening around 15350 level, as we mentioned around closing time – high VIX and Indices below May & March 2022 lows create deadly combination.
SGX Nifty @ 15352.50 up 43 points at 7:50 AM
Whether Indices could witness after a sharp sell-off? Indices at fresh 52-week-low making technical chart looks highly bearish and indicate worst is yet to come, we expect sell-off in first half to yesterday low or even lower and any sustainable bounce likely in 2nd half or on Monday. FII long exposure continue below 12%.