Indian market closed near low made on 7 – 8 March 2022, just after Russia-Ukraine crisis and Sanctions on Russia triggered commodity prices sky rocketing.
Inflation data for April 2022: highest in 8 years at 7.79% as compared to 6.95% in March 2022. IIP growth for March 2022 @ 1.85% compared to revise estimate of 1.5%.
VIX @ 24.26: VIX at this level is just short of tuning to level which could bring ugly volatility. VIX above 24 – 25 level – we will turn extra cautious.
SGX Nifty @ 15968 up 151.50 points at 8:40 AM. With yesterday low as near-term bottom for this rally. First gap-up will get sold into. If Indices manage to hold on to gap-up opening, 2nd half could trigger another round of rally. SBIN numbers to watch for.
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