Wall Street was down around as Banking challenge continues, FRC continues to end at lower level despite unsecured $30 billion deposit. Credit Suisse impacted market fall on Friday.
UBS to buy Credit Suisse 3 billion Swiss Franc ($3.23 billion) and assume $5.4 billion in losses in a deal backed by Swiss National Bank guarantee.
FED, ECB, SNB, BOE, BOJ, AND BOC announce coordinated central bank action to enhance liquidity via USD-swap line.
VIX @ 14.77: need to turn cautious above 16 level.
F&O data: Nifty PCR @ 0.88 Vs 0.67 previous. Banknifty PCR @ 0.72 Vs 0.53 previous. FII Long: Short in Index futures 10.19%:89.81%.
Approach on Indices: We believe its time to focus on VIX, fresh move on VIX above 16 level, need to hedge position going into US Fed event on 22-Mar-23. Nifty @ 16669 & Banknifty @ 37386 are extreme low level to watch out for this week.
SGX Nifty @ 17063 down 99 points at 8:10 AM