Wall Street recorded another strong session with NASDAQ gained 1.88% as tech stocks continue to rise. DOW30 ended flat.
China re-opening and China’s premier pledges to support economy have turned sentiment positive. Iron ore prices jumps 4%. Prices of copper, aluminum, zinc & lead was up by 3% to 5%.
Crypto currency continues to correct as FTX files for bankruptcy and reported, FTX account hacked for $1 billion after filing for bankruptcy.
VIX @ 14.40: Lowest level seen in recent times with no signs of any immediate reversal. VIX could be in range of 13 – 17.
Approach on Indices: SGX Nifty indicate flat opening compared to Friday, technical remain strong resistance / target on Nifty @ 18498 & Banknifty @ 42383. This could act as supply zone.
Market View: Today focus would be metal & commodity stocks as China reopening from zero COVID policy and wows to support economy.
SGX Nifty @ 18428 down 8 points at 7:55 AM