Crude oil is down by more than 5% in last few trading session, Brent Crude oil below $80 on slowdown in demand from China and recession fear.
RBI MPC Meeting outcome today at 10:00 AM – Market expecting 35-bps rate hike in repo rate and RBI governor commentary will be key.
VIX @ 14.04: could see levels of 15 – 16 in next 1 – 3 trading days.
Approach on Indices: We continue to maintain our view to add fresh long on Nifty @ 18421 & Banknifty @ 42157. Today market will react to RBI MPC outcome, we would take fresh view after event
Market View: Lower crude oil prices is big positive for India; world bank yesterday increases India ‘s GDP forecast for FY23 at 6.9% from 6.4% earlier. Indian market is trading near its all time high, minor correction would be healthy and provide fresh entry opportunity.
Market trading in narrow range, but we expect volatility to increase from today onwards.
SGX Nifty @ 18723.50 down 29 points at 8:20 AM