Wall Street ended continues its loosing streak with 0.56% to 1.43% cut on major US indices as market fear US Fed ‘s hawkish stance for longer period of time.
US economic data released yesterday were mostly strong. A strong economic data will support more tight monitory policy as market goes into US FOMC event next week.
VIX @ 18.39: below 20 is within comfortable level
Approach on Indices: With a bullish base view, we would look Nifty @ 17736 – 17775 as support level & Banknifty @ 40216 – 40757 to initiate fresh long. SGX Nifty indicate weak opening and expect some more weakness going into weekend.
Market View: Mid-cap & Small-cap & Domestic economy stocks – today’s correction could provide fresh entry opportunity. Profit booking could be the trend for today, so prefer buying on dip rather chasing the momentum.
SGX Nifty @ 17775 down 104 points at 7:55 AM