Daily Report 19-Sep-22

Indian market on Friday ended with around 2% cut on global cues. Profit booking seen across the board with IT sector at recent lows.

Wall Street open on Friday with FEDEX lowering its guidance on recession fear, Wall Street in a late recovery ended with minor loss.

Advance tax collection up 17% year on year at 2.95 lakh crores. Gross tax collection up 30% at 8.36 lakh cores Vs 6.42 lakh crores.

VIX @ 19.82: need to turn cautious if close above 20

Approach on Indices: We expect volatility to continue ahead of US Fed event on 21-Sep-22, Nifty closed near support level of 17518 & Banknifty could test 40354, remain cautious with negative bias.

Market View: Mid-cap & Small-cap witness profit booking on Friday, Mid-cap & Small-cap index down around 2.50% to 3.0%, we expect some more profit booking in next 2 – 3 days before uptrend resumes.

Stocks in focus: Defense stocks & Banking for accumulating on correction.

SGX Nifty @ 17573.50 up 10.50 points at 7:55 AM

Click on the attachment to read the full report:

19-Sep-2022-Daily-Report.pdf