Wall Street had another quite session as market continues to focus on next move by US Fed. NETFLIX fell more than 3% after reporting mix quarters.
TESLA result below market estimate, posted lowest quarterly margin in 2-years. Musk says – better to focus on volume and harvest that margin for future.
Crude oil prices are softening after steep rise seen post OPEC+ nations surprise production cut at the beginning of this month. Gold prices sees softening.
VIX @ 12.15: continue to remain around 12 – 13, surprisingly low.
F&O data: FII activity remains muted, long: short position in index futures at 36.02%:63.98%
Approach on Indices: broad trends remain positive; Nifty @ 17479 & Banknifty @ 41331 are seen as key support level for fresh long entry. Indices in last 3 days has been consolidating after up move seen in previous 2 weeks.
Stocks in focus: JSWSTEEL, TATASTEEL, IRCTC & AVANTIFEED.
SGX Nifty @ 17693.50 up 40 points at 8:05 AM