Indian market: IT stocks were in focus on strong US data and Reliance & ONGC were in focus ahead of expectation of revision of Wind-fall tax.
Wall Street ended with minor cuts as TARGET – retail company came out with result below market estimate. US Core Retails sales were ahead of market expectation @ 0.4% Vs -0.1%.
Nifty PCR @ 1.40 & Banknifty PCR @ 1.17 going into weekly options expiry. Nifty PCR above 1.6 & Banknifty PCR above 1.25 can be considered as overbought.
Approach on Indices: We continue to remain cautious as vertical rally is causing some hesitation for going long. Still not enough sign to turn bearish as we are approaching final F&O expiry next week.
SGX Nifty @ 17940 down 28 points at 8:05 AM
Stocks in focus: IT stocks expected to do well. BANKBARODA, CANBK, IEX & JUBLFOOD in focus.