Nifty closing around 18300 & Banknifty around 43500 as weekly index options expiry guides weekly index options expiry.
Wall Street seen in under pressure as US regional banking crisis was back in focus as PACWEST lost more than 9.5% of its deposit in last week.
US Debt ceiling limit keeps market on edge, President Biden ‘s meeting with congress men postponed to next week. U.S. treasury secretary Janet Yellen will discuss debt ceiling with bank lobby group.
KARNATAKA election result tomorrow on 13-May-23, will impact market on Monday. Exit poll had little impact on market.
VIX @ 13.22: slowly moving towards 14 level.
Approach on Indices: Indices are in consolidation zone for some time now, we do expect decisive move on reaction to KARNATAKA election result. Banknifty continues to remain strong compared to Nifty. SGX Nifty indicate gap-down opening of 60 – 80 points, however we do see limited downside for today.
SGX Nifty @ 18278.50 down 71.50 points at 8:20 AM