US FOMC meeting minutes – likely pause in Jun-23 meeting but no rate cut seen in near future. Inflation still remains stubborn and above comfort level & jobs market is resilient.
With very little news on domestic front, Indian market taking cues from global market and uncertainty over U.S. debt ceiling talks impacting negative sentiment.
VIX @ 13.11: expected to move towards 14.
F&O data: FII net long: short position continues to remain around 50;50. Nifty PCR @ 1.00 Vs 1.20 previous. Banknifty PCR @ 0.76 Vs 0.98 previous.
Approach on Indices: Yesterday’s closing does indicate further downside possible today. Key level for Nifty will be at 18100 & Banknifty at 43200 on downside. We expect volatility to continue as final F&O expiry for May 2023 series today.
SGX Nifty @ 18232 down 52 points at 8:35 AM
For Positional / delivery buying – Nifty @ 18131 & Banknifty @ 43181 could act as support level and provide fresh entry opportunity.