U.S. market was closed on 4-Jul-23 for Independence Day. Monthly economic data will be released later this week and US FOMC meeting minutes to be released tonight.
HDFCBANK quarterly business updates shows mix trend on merge entity. HDFCBANK standalone business updates – loan growth at 15.8% & deposit growth at 19.2%.
LTIM to replace HDFC in Nifty from 13-Jul-23. HDFC to de-list at trade as merge entity with HDFCBANK from 13-Jul-23.
F&O data: FII long position now stands at 71.89% or by 89765 contracts. Nifty PCR @ 1.47 Vs 1.48 previous and Banknifty PCR @ 1.38 Vs 1.39 previous.
Approach on Indices: Run-up on indices is too fast supported by short covering, we would wait for correction to take fresh long and expect correction from current level.
GIFTYNIFTY @ 19498.50 up 5 points at 8:40 AM
Market View: Broder market sees some sign of consolidation; we would continue to follow strategy to increase cash level on rally and take opportunity to take fresh view on long position on correction & consolidation. Q1FY24 result season will be key and provide further cues. Quarterly business updates so far has been in-line with recent rally.