Wall Street reacted to 5 major banks which came out with result, mostly were in-line with market expectation, but US market corrected to initial reaction to result, recovered in 2nd half.
HDFCBANK came out with result on Saturday which delivered better result the market expectation, Net profit up 18.5% & NII up 24.6%.
WIPRO result mix with few hits & misses. WIPRO delivered number lower compared to other peers, all IT major came with positive surprise numbers.
VIX @ 14.46: significantly cooled-off on Friday, in range of 14 – 16.
Approach on Indices: Nifty range of 17775 – 18202 & Banknifty range of 41597 – 43176 continues, breakout on either side awaited, SGX Nifty indicate flat to positive opening by 10 – 30 points.
Market View: We would focus on metal stocks, most metal stocks are trading positive, Dollar Index below 102, Gold trading around $1925 and market will react to HDFCBANK & WIPRO earnings.
We remain bullish and expect pre-budget rally as we have 2 trading weeks before budget week.
SGX Nifty @ 18064 up 25.50 points at 8:05 AM