Wall Street had another muted session as all eyes are now set of 3 major central banks meeting this week. US Fed meeting outcome on 14-Jun-23 & BOJ meeting outcome on 16-Jun-23 are key event.
Defense stocks continue to remain in focus as multiple positive triggers helping this sectors, HDFC Defense NFO concluded on 30-May-23 – fund would be deployed.
LT, BHARATFORG & private companies which are involved in defense sector is expected to do well after sharp rally in defense PSU’s.
VIX @ 11.12: continue to trade near lower end of the range.
Approach on Indices: Technical set up has turned neutral after a failed attempt to gain momentum after breakout from Nifty @ 18619 & Banknifty above 44360. SGX Nifty indicate gap-up opening around 60 – 70 points, first hour trade would be important after gap-up opening.
Market View: Mid-cap & Small-cap have rallied and outperformed Nifty 50 & Sensex and index heavy weights. Mid-cap & Small-cap stocks are expected to witness some profit booking or consolidation in next few weeks, look for opportunity to book part profit.
SGX Nifty @ 18671.50 up 61.50 points at 8:25 AM.