Indian market ended at lower point of the day; pain was outside blue-chip stocks. Metal, Oil & Gas and other mid-cap counters were down heavily.
VIX @ 22.30: it remains our biggest concern, Nifty continue to witness daily volatility of 250 points & above, this trend may continue. It would turn ugly if VIX rise above 24 – 25 level.
SGX Nifty indicates flat opening ahead of important inflation data. Technical view remains bearish on intermediate term & bounce seen till Nifty @ 16124 & Banknifty @ 34074 are hold on to.
Market can surprise with short covering rally, we would prefer to play any long via hedge or options at the same time reduce exposure bring cash level to 20%, 30% or even 50% as per conviction as risk-off trade continues and market is yet to bottom out.
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Daily Report 11-May-22
Indian market ended at lower point of the day; pain was outside blue-chip stocks. Metal, Oil & Gas and other mid-cap counters were down heavily.
US CPI & Core CPI data to released today, and India’s CPI inflation data due to be released tomorrow. Globally market under pressure ahead of data.
SGX Nifty @ 16187 down 24 points at 7:55 AM.
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