Daily Report 1-Mar-23

Indian market had weak session as Nifty closed below its 200-DMA @ 17376, ADANI group stocks witness sharp recovery from lower level. Metal stocks were under pressure after VEDL parent ‘s rise in CDS.

Wall Street ended weak as DOW30 closed 0.71% lower, S&P500 was down by 0.30% and NASDAQ ended flat, concern on tight monitory policy continues.

India’s GDP for Q3FY23 came @ 4.4% Vs estimate of 4.7%. Second advance estimate of FY23 GDP growth at 7%, unchanged at 7% in first advance estimate before Budget.

Domestic LPG price increase by Rs 50 per cylinder, commercial LPG price hiked by 350 per cylinder of 19 KG.

VIX @ 14.02: likely to test 16 again.

Approach on Indices: Technical setup is showing weakness, Banknifty below 39970 could test lower level @ 39286. Nifty could test 17157.

Market View: India’s 10-year bond yield @ 7.46, could put pressure on Banking stocks today. Currently market is in oversold zone and any positive trigger could result in short covering rally. We continue to remain accumulation zone and have turned cautious.

SGX Nifty @ 17375.50 down 23.50 points at 8:30 AM

Click on the attachment to read the full report:

1-Mar-23 Daily-Report.pdf