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
Categories
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.
