IT stocks as expected were down, reacting to TCS ‘s numbers. Banking stocks outperformed as Banknifty was up 0.98% while Nifty was flat.
RBI rolls out global trade settlement system in Rupee: long term & strategic steps by RBI. This step will help bi-lateral trade settlement with countries like Russia & Iran. Strength for INR.
VIX @ 18.37: continue to trade below 20, comfortable zone. Indicates low volatility.
Approach on Indices: Banknifty PCR @ 1.34, indicate overbought zone. Nifty find resistance at 16255 level. Look for support on Nifty @ 15970 & Banknifty @ 34602.
SGX Nifty @ 16071.50 down 127 points at 8:30 AM
Market View: Broader market along with Banknifty was up around 1%. Recession fear may provide much needed trigger for correction as important data in next few days. US Fed expected to raise interest rate by 75 bps in 27-Jul-22 FOMC meeting.
Global risk-off on recession fear grips the market and Dollar Index at fresh 2-decade high on back on unprecedented weakness in EURO. Global flows moving back to safe heaven & at the same time, gold prices continue to trade near $1740 is surprising. HCLTECH to declare result today, any positive surprise could be taken well by market we expect limited downside from current level.