Wall Street gave most of the early gain after inflation came lower than market estimate. All eyes are now on main event that is US Fed meeting outcome.
Crude Oil bounce around 2% to 3% from lows, Brent crude oil near $80. Gold is now comfortably above $1800. US 10-year bond yield near 3.50%.
F&O Data: FII Net long in index future @ 61.19% / by 38047 contracts. Nifty PCR @ 1.05 & Banknifty PCR @ 1.41 indicate over-bought zone.
Approach on Indices: We expect indices to see supply around 18820 – 18900 & Banknifty around 44006 – 44400 ahead of US Fed meeting outcome tonight. We will prefer to increase cash level by EOD.
Market View: We believe reducing exposure / booking profit will be good and will take fresh view tomorrow. We expect volatile movement to continue.
Stocks in focus: HDFC & HDFCBANK, YESBANK & ULTRACEMCO.
SGX Nifty @ 18808 up 107 points at 8:15 AM