Indian market rally on Friday was triggered by short covering led by FII. ADANI group stocks continue its positive momentum after promoter stake sale of 15446 crores.
The Chinese government said over the weekend that it was targeting economic growth of 5% this year, up from 3% in 2022. But the forecast was regarded as softer than analyst expectations.
US Fed chair Jerome Powell testifies on 7th & 8th March 2023. Indian market to remain close on 7-Mar-23.
VIX @ 12.18: expect to increase to 14 level.
Approach on Indices: Nifty likely to test 17798 & Banknifty could test 41979 this week. Today’s gap up opening could witness some profit booking but we expect positive momentum to continue.
Stocks in focus: HAL, INDUSINDBK, CANBK, CONCOR, TATACHEM & IDFCFIRSTBK.
SGX Nifty @ 17712.50 up 80.50 points at 8:30 AM