Europe & NATO nations cap price @ $60 of Russian crude oil. However, Russia will cut production and not supply to nations following price cap.
F&O Data: FII net long 65% & Nifty PCR @ 0.94 Vs 1.27 previous.
Approach on indices: technical indicate further consolidation, we would add fresh long either on support level on Nifty @ 18424 & Banknifty @ 42157 or on fresh high.
Market View: IT & Metal stocks will continue to do well, rise in crude oil prices after cap on Russian crude oil and OPEC + nations maintaining their output cut – Crude oil rise 2% on Monday morning.
RBI fortnightly bulletin: Credit growth @ 17.2% & Deposit growth @ 8.7%, positive from Banking stocks.
SGX Nifty @ 18858 up 33.50 points at 8:25 AM
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