Wall Street manage to close in green as NVIDIA delivered upbeat guidance following quarterly result sending it shares up by 14%. Prelim GDP for Q4 came at 2.7% Vs estimate of 2.9%.
Russia – Ukraine crisis completes 1 year, with no sign of end. However, most commodities are trading below Russia-Ukraine crisis peak.
Globally market continue to take cues from fear of recession in global market and fear of higher interest rate, global cues remain mix.
VIX @ 15.08: Need to turn cautious only above 16.
Approach on Indices: SGX Nifty indicate positive opening of around 40 – 50 points, Nifty & Banknifty is now within 2% from its 200-DMA. We expect consolidation on indices to continue.
Market View: We believe, current market correction could be utilized to accumulate gradually as we see limited downside as we see global risk is over-played in Indian market.
SGX Nifty @ 17646.50 up 55.50 points at 8:40 AM