Indian market had a quite session yesterday, gave up opening gains to close flat. Market continues to focus on corporate earnings and stocks specific move seen in absence of any global cues.
Wall Street ended on Tuesday with minor loss as investor shift focus to CPI & Core CPI due to be released on Wednesday, market also focus on meeting between political leaders to discuss debt ceiling.
F&O data: FII were net seller in index futures by 5244 contracts, net long: short position stands at 47.83%:52.17%. Nifty PCR @ 1 Vs 1.10 previous. Banknifty PCR @ 0.74 Vs 0.90 previous.
Result in focus today: LT, DRREDDY & GUJGASLTD.
VIX @ 12.68: expect to move higher towards 14 level.
Approach on Indices: We see indices face resistance at higher level, might attempt 1 more time on Nifty towards 18499 & Banknifty towards 44020, but will need positive trigger. We expect another flat to range bound session ahead of US inflation data & KARNATAKA exit poll numbers today after 6:30 PM.
SGX Nifty @ 18344 up 33 points at 8:05 AM