Wall Street had another flat to negative session with TESLA shares down 9.7% as market south clarity on interest rate.
RBI MPC policy 6-Apr-23 – minutes released: RBI Governor sees significant change in economic activity since February. Banking crisis and OPEC+ decision of production cut add to uncertainty.
HCLTECH Q4FY23 result in-line with street estimate, after disappointing TCS & INFY numbers. HCLTECH result could provide stability in IT stocks and limit the downside.
VIX @ 11.94: surprisingly low, expect to move towards 14.
Approach on Indices: last 4 days of consolidation has manage to close between RSI & RSI average on both indices. We see correction on Nifty @ 17479 & Banknifty @ 41331 would provide fresh entry opportunity or fresh long on Nifty above 17842 & Banknifty above 42603.
Market View: Today SGX Nifty indicate another flat opening with some built-up could be seen ahead of RELIANE result today & ICICIBANK result on Saturday. Market would react to both this result on Monday. IT stocks could see some relief short covering after HCLTECH result.
Stocks in focus: INFY, HCLTECH, LTTS, OBEROIRLTY, AXISBANK.
SGX Nifty @ 17669.50 up 4.50 points at 8:40 AM