Wall Street had another muted session, ended with minor cuts as debt ceiling crisis looms. DOW30 futures trading with minor cuts going into fresh week, manufacturing & Services PMI, New home sales and US FOMC meeting minutes will be in focus.
RBI withdraws Rs 2000/- currency notes for circulation, will continue to remain legal tender even after 30-Sep-23, deadline set for exchange of Rs 2000/- notes, 10 notes at a time.
F&O expiry this week & US debt ceiling limit will be in focus.
F&O data: FII net sell index futures by 5986. Net long: short position remains at 47.64%:52.36%. Nifty PCR @ 1.01 Vs 0.93 previous.
Approach on Indices: Indices continue to remain in range of 18137 – 18498 & Banknifty in range of 43181 to 44151. Banknifty continue to remain strong compared to Nifty.
Market View: Major corporate results are out, few companies will be declaring their result this week, F&O expiry will drive volatility this week. RBI ‘s decision to withdrawn Rs 2000/- currency note from circulation is expected to bring liquidity to banking system and will help keep interest rate lower.
SGX Nifty @ 18213 down 25 points at 8:25 AM