Daily Report 14-Mar-23

Indian market witnesses another sharp sell-off on back of global fears, Banknifty was down another 2.27%, IT sector under pressure. Broad market also remains under pressure as Small-cap down by 2.23%

Wall Street ended flat in a volatile session as FIRST REPUBLIC was down 60%, WESTERN ALLICANCE down by47% & BANCORP & PACWEST down by 21.05%.

Wall Street ended flat in a volatile session as FIRST REPUBLIC was down 60%, WESTERN ALLICANCE down by47% & BANCORP & PACWEST down by 21.05%.

India’s CPI data came @ 6.44% Vs estimate of 6.25% & 6.52% in January. Core CPI remain @ 6.23% Vs 6.28% previous month.

US Economic data due today: CPI & Core CPI data.

F&O data indicate highly oversold zone. Nifty PCR @ 0.71 Vs 0.89 previous & Banknifty PCR @ 0.51 Vs 0.66 previous. FII Long :Short position is at 15.92% : 84.08%.

VIX @ 16.22: above comfortable level. Expect high volatility.

Approach on Indices: Technical & F&O data indicate highly oversold zone; any short covering rally could face selling pressure as technical has turned weak.

SGX Nifty @ 17235 up 56 points at 8:25 AM

Click on the attachment to read the full report:

14-Mar-23 Daily-Report.pdf