OPEC+ nations agreed to increase output by 100,000 barrels per day. Oil prices were down by around 4% after U.S. data showed increase in Crude oil & gasoline stockpiles.
BOE – Bank Of England expected to increase interest rate by 50 bps to 1.75%. Growth and inflation forecast would be important to watch out for – BOE commentary.
VIX @ 18.45: requires alertness above 20 level.
Approach on Indices: SGX Nifty indicates opening around 17450. Weekly options expiry today – Nifty range seen at 17400 – 17500 & Banknifty has highest OI @ 38000 strike price.
Market View: Result season continue to provide fresh triggers with result above market estimate. Nasdaq – highest closing since 4-May-22. BOE meeting today & RBI MPC Meeting outcome tomorrow at 10 AM key event.
We would prefer to play momentum on Mid-cap & Small-cap stocks and remain cautious after almost 1000 points rally on Nifty.
SGX Nifty @ 17496.50 up 57 points at 7:50 AM