Categories
Daily Reports

Daily Report 3-Aug-22

Wall Street ended mix with DOW30 ended with 1.23% cuts while Nasdaq was flat with 0.16% down. US Fed members comment were hawkish and 50 bps or 75 bps hike would be appropriate for September FOMC meeting.

Dollar Index back above 106 level & US 10-year bond yield @ 2.728%. Trend reversal seen after US Fed members comment & geo-political tension.

Wall Street ended mix with DOW30 ended with 1.23% cuts while Nasdaq was flat with 0.16% down.  US Fed members comment were hawkish and 50 bps or 75 bps hike would be appropriate for September FOMC meeting.

Dollar Index back above 106 level & US 10-year bond yield @ 2.728%.  Trend reversal seen after US Fed members comment & geo-political tension.

VIX @ 18.53: Increase from below 17 level to 18.53 ahead of RBI MPC meeting is normal, will turn cautious if VIX goes above 20.

Approach on Indices: We continue to remain cautious as far as indices is concern, Nifty PCR @ 1.38 & Banknifty PCR @ 1.26 indicate highly overbought zone, will prefer to short on weakness.

Market View: Focus on defense stocks as geo-political tension rises again. Mid-Cap & Small-Cap stocks are seeing good momentum, focus stock specific in this category.

SGX Nifty @ 17380.50 up 54.50 points at 7:50 AM

Click on the attachment to read the full report: