Indian market: last hour selling on weak global cues, major indices ended with around 1% cut, Mid-cap & Small-cap down by around 0.50%.
Crude Oil down by $7 – $8 on recession fear, EUR/USD at parity after 22 years. Currently trading @ 1.0024.
US Data to watch out for today: CPI & Core CPI data, important data and any surprise could provide swing of 2% or more on Indices.
SGX Nifty @ 16125 up 65 points at 7:40 AM.
Approach on Indices: Indices expected to break from range on Nifty from 15970 – 16255 & Banknifty range at 34602 – 35543.
Market View: HCLTECH result below expectation. We believe, another 3% – 4% on IT stocks will be attractive level to add fresh long. ONGC & RELIANCE – to remain under pressure on Crude oil decline.
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