US Market: Indices have given up around 8% to 11% gain from recent peak. DOW30 recent high was above 34000 now trading @ 31500. Nasdaq recent high @ 13181 now trading @ 11816.
India’s Q1FY23 GDP data came at 13.5% Vs expectation of 15%. RBI expectation was at 16.2%.
VIX @ 18.70: Need to turn cautious above 20 level.
Approach on Indices: Today’s indicative opening is at 17400 on Nifty, on monthly basis Nifty had highest closing @ 17759.30. We expect high volatility to continue. We continue to believe 17023 is good level to review for fresh addition on long.
Market View: We were surprised on Tuesday, and we are not convincing of today’s indicative opening. Global cues remain weak and domestic cues are resilient. We would focus on capital protection and taking cautious approach.
SGX Nifty@ 17468 down 355 points (Tuesday’s closing) at 7:55 AM.