Wall Street had another quite but positive session. Empire state manufacturing index came at -31.8 Vs estimate of -3.7 indicating slow-down.
India trade deficit at 20-month low at $15.24 billion, exports shirk 12.7% in April. Imports too decline by 14%, fifth month in a row to USD 49.9 billion.
Windfall tax on crude oil output cut to zero from 4100 per Ton, to benefit oil production companies like ONGC & RELIANCE.
VIX @ 13.17: moving towards 14 level.
F&O data: FII added 14047 contracts in index futures, net long: short is now at 49.90%:50.10%. Nifty PCR @ 1.35 Vs 1.24 previous and Banknifty PCR @ 1.42 Vs 1.28 previous.
Approach on Indices: Banknifty do indicate highly overbought zone, next round of rally could be supported by short covering, as Banknifty is now in unchartered territory. However, we remain cautious and expect some correction.
SGX Nifty @ 18455.50 up 52 points at 8:10 AM