Wall Street cooled-off after ISM Manufacturing PMI data came better than expected, but market expects further slowdown.
US 10-year bond yield @ 2.536%, Crude oil down over 5% & Dollar Index near 105 –
recession fear is back on street.
VIX @ 17.48: We expect further increase ahead of RBI MPC meeting on 5-Aug-22.
Approach on Indices: Indices are in very strong up move and rallied in last 3 – 4 trading session, SGX Nifty indicates weak opening today, consolidation / correction is healthy at current level.
Market View: Focus have shifted to Mid-Cap & Small-Cap and stocks where result is yet to be declared. FII long exposure at 66.62%. Nifty PCR @ 1.49 & Banknifty PCR @ 1.26 – indicate overbought zone. Nifty @ 16691 & Banknifty @ 36926 level to go long again.
SGX Nifty @ 17307 down 86 points at 7:45 AM
Categories
Daily Report 2-Aug-22
Auto stocks led the rally on Monday as monthly sales data cheer the market. 5G auction concluded – JIO spends 88078, BHARTIARTL @ 43084, VI @ 18799 & ADANI @ 212 (Rs. In crores for 20 years).
US 10-year bond yield @ 2.536%, Crude oil down over 5% & Dollar Index near 105 – recession fear is back on street.
Click on the attachment to read the full report: