Wall Street manage to recover its early loss from strong retails & Core retail sales data. NASDAQ was up 0.92% as tech stocks rallied.
US Economic data: Retail sales actual @ 3.0% Vs estimate @ 1.9%. Core retail sales @ 2.3% Vs estimate @ 0.9%. Empire state manufacturing index: Actual @ -5.8 Vs estimate @ 18.2.
Strong US Economic data is equal to more tight monitory policy. Market reaction to strong economic data is surprising as market is now factoring continuation of tight monitory policy by US Fed.
VIX @ 12.86: VIX below 13 could support short covering rally.
Approach on Indices: SGX Nifty indicate opening around 18100 and Banknifty around 42000 level, weekly options expiry could play its role. Technical setup showing strength for more upside.
SGX Nifty @ 18099 up 78.50 points at 8:30 AM