On Friday, first trading day for new F&O series and new financial year closed with healthy gains of around 1.75%, managing Nifty & Banknifty to end March month on a positive note.
GST collection for February 2023 comes at 1.60 lakh crores, average monthly collection for FY 22 – 23 comes at 1.51 lakh crores.
OPEC + nations in a surprise move announced production cut by 1.16 million barrels per day, duking the prior expectation to maintain output. WTI Crude oil & Brent Crude oil up by $5.
VIX @ 12.94: expect to move higher ahead of RBI meet on 6-Apr-23.
F&O data: FII long: short position remains at 11:20%:88.80%. Net position remains 29% short. Nifty PCR @ 1.27 Vs 1.05 previous. Banknifty PCR @ 1.23 Vs 0.94 previous, indicate mild overbought.
Approach on Indices: Market on technical is better placed compared to last 3 weeks, any correction / consolidation could be utilize as buying opportunity. Nifty @ 17314 & 17199 and on Banknifty 40142 & 39781 levels to add fresh long position.
SGX Nifty @ 17445 up 27.50 points at 8:05 AM