Wall Street ended volatile session with gains of around half a percent, US Fed meeting minutes showed no rate cut in 2023.
U.S. economic data was mix: ISM manufacturing PMI data @ 48.4 Vs expectation of 48.50, number lower than 50 indicates contraction. JOLTS jobs opening higher than market estimate.
F&O Data: FII long / Short now stands at 35.94%:64.06%. Net short by 41593 in Index futures. Nifty PCR @ 0.72 Vs 1.06 previous. F&O data indicates market in oversold zone.
VIX @ 15.20: if VIX move above 16, need to turn cautious.
Approach on indices: Although SGX Nifty indicate flat to positive opening, market internal indicate weakness and oversold zone. Nifty should hold 18037 & Banknifty should hold 42573.
SGX Nifty @ 18144 up 33 points at 8:30 AM