Daily Report 8-Feb-23

Indian market ended range bound session with minor weakness as ADANI group stocks recovered, metal stocks decline on weak result from TATASTEEL & HINDALCO subsidiary.

Wall Street ended higher after US Fed chair Jerome Powell speech – maintain its stance for further rate hike needed, disinflationary process has begun.

RBI MPC Meeting today at 10:00 AM. Market expectation of 25-bps rate hike stands around 70%. RBI Governor comment will be key.

FII – F&O data: FII in Index futures net long: short now at 15.95%:84.05%. Nifty PCR @ 0.81 Vs 0.96 previous

VIX @ 14.12: move below 14 could trigger short covering.

Approach on Indices: Indices could have directional move after today’s RBI MPC meeting outcome. Indices are poised to move higher unless there is any major negative. F&O data do indicate scope of short covering, technical remains mix.

Market View: all eyes will be on RBI MPC decision and RBI governor commentary. Market has factored in 25-bps rate hike, any positive surprise could trigger sharp short covering rally.

SGX Nifty @ 17799.50 up 69.50 points at 8:20 AM

Click on the attachment to read the full report:

8-Feb-23 Daily-Report.pdf