Wall Street open weak of Credit Suisse fear of default, US market recovered on news of Credit Suisse will borrow $54 billion from Swiss National Bank liquidity facility.
India’s trade deficit narrowed to 13-months low in February 2023 @ $17.43 billion Vs $17.75 billion deficit in January 2023.
SGX Nifty recovered around 200 points from yesterday’s low indicating flat opening. F&O data indicate – market in highly oversold zone.
VIX @ 16.30: closed above 16 level for 3 days continuously.
F&O Data: Nifty PCR @ 0.67 Vs previous 0.69. Banknifty PCR @ 0.53 Vs 0.59 previous. FII net long in index futures stands at 11.87%.
Approach on Indices: Technical & F&O data indicate market is in oversold zone at the same time indices trading below all important support level.
Market View: Lower crude oil prices & crisis in US & European bank will have limited direct impact on India, we believe recent market fall is more driven by sentiment. We believe its time to deploy some fund with a conviction on India’s story.
SGX Nifty @ 17001 up 25 points at 8:25 AM