U.S. market ended with cut of around 1% on major indices as deadlock of debt ceiling continues and no progress seen ahead of 1-Jun-23 deadline.
IT stocks rallied in last few days as F&O expiry seen some short covering rally supported by rally in U.S. market, expect IT stocks to remain weak today.
SGX Nifty indicating weak opening of around 70 – 80 points on weak global cues, F&O expiry could put pressure today.
F&O Data: FII net buy 8442 in index futures, net long: short position now remains at 50:50. F&O data do indicate possibility of short-covering with 2 trading days for May-23 F&O expiry.
Approach on Indices: Going into trade on 24-May-23, SGX Nifty indicate weak opening of around 70 – 80 points, technical indication is mix, whereas F&O data is showing possibility of short covering. One day before expiry could be highly volatile, we do expect big & decisive move today.
SGX Nifty @ 18284 down 77.50 points at 8:15 AM