Wall Street rallied after US Fed chair Jerome Powell statement and now market is expecting dovish policy outcome on 14-Dec-22.
India’s GDP data for Q2FY23 came at 6.3% Vs estimate of 6.4%, mostly in line with market expectation. Full year GDP forecast at 7%.
US Economic data today: Core PCE index & ISM Manufacturing PMI.
Indian market likely to open with gap-up around 100 points and further rally is expected due to short covering as weekly options expiry today.
F&O Data: FII Net long 75.25% in Index futures & 102664 no of contracts. Nifty PCR @ 1.55. Banknifty PCR @ 1.03.
Approach on Indices: First gap-up may see some profit booking, we expect 2nd round due to weekly options expiry, will prefer to play fresh long in 2nd round after confirmation.
Market View: US Fed chair Jerome Powell speech is as good as US Fed meeting outcome. IT, Metal & Banking should be clear winner in Indian market.
SGX Nifty @ 18996.50 up 80 points at 8:00 AM