Indian market ended on weak note as Mid-Cap 100 was down by 2.45% & Small-Cap 100 down by 3.46%. Banknifty ended on flat note.
US FOMC Meeting minutes: 50 bps hike for next couple of meetings – June 2022 & July 2022. No mentioned of word recession & no hint on September 2022 rate hike.
Approach on Indices: SGX Nifty indicates opening around 16080, F&O data indicates call writing at 16200 strike and on Banknifty call writing seen at 35000 strike and put writing seen at 34000 strike-price.
Market View: US FOMC minutes is out, Mid-Cap & Small-Cap carnage seen this month. We see the shake-off is near to an end. US prelim GDP q/q to be released today & India’s GDP data will be released on 31-May-22. Time to change view to conviction buy – as valuation are attractive.
Stocks in focus: ICICIBANK, HDFCBANK & HDFC and banking stocks for expiry move. COALINDIA, APOLLOHOSP & INDOGO will react to result.
SGX Nifty @ 16104.50 up 83.50 points at 8:05 AM
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Daily Report 26-May-22
Indian market ended on weak note as Mid-Cap 100 was down by 2.45% & Small-Cap 100 down by 3.46%. Banknifty ended on flat note.
US FOMC Meeting minutes: 50 bps hike for next couple of meetings – June 2022 & July 2022. No mentioned of word recession & no hint on September 2022 rate hike.
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