Wall Street had massive rally on Friday as DOW30 rallied over 2%, S&P500 was up 1.45% & NASDAQ up by 1.07%. U.S. debt deal and strong jobs data provided much needed trigger for Friday’s rally.
OPEC+ nations decided another cut in crude oil production, SAUDI ARABIA to make additional cut of 1 million barrels per day as part of new OPEC+ deal.
RBI Weekly bulletin: Deposit growth at 10.9% & Credit growth comes at 15.4% for fortnightly 19-May-23.
F&O data: FII added 4979 contracts in index futures, net long: short remain at 47.55%:52.45%. Nifty PCR @ 0.95 Vs 1.00 previous. Banknifty PCR @ 0.80 Vs 0.76 previous.
Approach on indices: SGX Nifty indicate opening on Nifty spot around 18619 & Banknifty around 44360, we expect another round of rally and indices to test higher levels this week.
SGX Nifty @ 18725.50 up 96.50 points at 8:20 AM