Wall Street had another weak session as Jobs market continue to indicate strength, Unemployment claim at 190k Vs estimate of 214k.
Japan ‘s inflation number released today morning came @ 4.0% in-line with market estimate, BOJ has target rate of 2% for inflation.
Market will react to earnings of HINDUNILVR, LTTS, AUBANK & HINDZINC. Key earnings due today are HDFCLIFE, LTIM & RELIANCE to watch out for and ICICIBANK, IDFCFIRSTB & KOTAKBANK due to release quarterly result tomorrow, market will react to it on Monday.
VIX @ 13.96: trading below 14 – could trigger short covering.
Approach on Indices: Indices remain in range, market waiting for clear direction, we believe fresh directional trade only after some confirmation from indices, once range break-out on either side.
Market View: We see market in accumulation zone ahead of major result – RELIANCE, ICICIBANK, KOTAKBANK & ULTRACEMCO in focus. We see Mid-Cap & Small-Cap continue to remain in accumulation zone. HDFC & HDFCBANK continue to play defensive.
SGX Nifty @ 18136.50 up 23 points at 8:10 AM