Nifty PCR @ 0.72 Vs 1.05 previous and Banknifty PCR @ 0.72 Vs 0.99 previous. Nifty PCR indicate highly oversold zone.
FII Long: Short exposure in F&O futures contract now stands at 14.68:85.32. Only 14.68% long indicate highly oversold zone. Last hour sell-off was mainly due to FII selling and global cues are stable.
VIX @ 20.49: sharp increase in VIX in last hour of trading yesterday. Today’s if VIX sustains & moves higher or not needs to be seen.
Approach on Indices: Indices are heading towards important support zone of Nifty @ 16747 & Banknifty @ 37386. Turn bearish only if these levels are broken.
Market View: IT failed to cheer the market, FII sell-off in cash segment and global cues are some near tern hurdles. We are finding opportunity to add long and prefer to play long till some important levels are held on. Any reversal trend would come post US inflation data on 13-Oct-22.
SGX Nifty @ 17008 up 68 points at 8:40 AM