Wall Street continue to correct post US Fed decision as worries over banking crisis continues, PacWest ‘s move to explore strategic options deepened fears about US banks.
APPLE announce result – beat market estimate on stronger iPhone sales, announce buy-back of $90 billion.
ADANIENT, HEROMOTOCO & TVSMOTOR announce result, beat market estimate. TATAPOWER continue to deliver better result.
F&O data: Nifty PCR @ 1.34 Vs 1.02 previous. Banknifty PCR @ 1.28 Vs 1.09 previous. FII long: short position at 47.29%:52.71%.
Approach on Indices: Indices do indicate overbought zone; some correction would be healthy. We expect Nifty @ 17994 & Banknifty 42903 & 42603 to be considered as fresh entry level. SGX Nifty indicate 50 points gap-down opening, expect further correction.
Stocks in focus: GRASIM, JUBLFOOD, ABCAPITAL, PRESTIGE & STLTECH.
SGX Nifty @ 18239.50 down 45.50 points at 8:30 AM