U.S. stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector’s troubles.
Crude oil rallied post optimism on debt ceiling limit. US 10-year bond yield back above 3.50% and Dollar Index near to 103 level.
SGX Nifty indicate 50-points gap-up opening on positive global cues, SBIN result is expected during market hours, we expect high volatility due to SBIN result and weekly options expiry.
F&O data: FII added net short by 6156 contracts in index futures. Index long: short remains at 47.46%:52.54%. Nifty 18300 Call & 1800 PUT. Banknifty 44000 Call & 43500 Put are key options to watch.
Approach on Indices: SGX Nifty indicate higher opening, SBIN result if declared during market hours could provide wild swings as weekly options expiry to play its role. Today is the day for surprising bounce.
Market View: After few days of cautious approach and yesterday’s correction, we have turned bullish with a view that Indices may test their recent highs which is Nifty around 18400 – 18450 & Banknifty around 44000 – 44200. SBIN result could trigger making fresh all-time high on Banknifty.
SGX Nifty @ 18289.50 up 57.50 points at 8:30 AM