Daily Report 27-Sep-22

Another weak session as Indian market recorded another cut of 1.64% to 2.35% on major indices, Banknifty leading the fall. Weak global cues remain key concern in near term.

Wall Street attempted recovery was sold into, Indices ended with 0.60% to 1.11% cut. US 10-year bond yield near to 4%, currently at 3.88%.

GBP/USD @ 1.0764 & UK 10-year bond yield @ 4.18%. Market expects Bank Of England to increase rate sharply to protect GBP slide.

FII Sold 5101 crores on 26-Sep-22. DII bought 3532.18 crores. Nifty PCR @ 0.76 Vs 0.76 previous.

VIX @ 21.89: closed way above 20, expect daily volatility of more than 300 points on Nifty & 700 – 800 points on Banknifty.

Approach on Indices: currently in oversold zone, indicates bounce from lower level, we continue to focus on VIX in near term to take market cues in short term ahead of F&O expiry on Thursday.

Market View: SGX Nifty indicate 60 points positive opening, Nifty @ 16800 – 17100 & Banknifty @ 38000 – 38800 could considered as Accumulation zone with a view on RBI MPC policy on 30-Sep-22 & Corporate earnings season from 2nd week of next month.

SGX Nifty @ 17085 up 64 points at 8:15 AM

Click on the attachment to read the full report:

27-Sep-2022-Daily-Report.pdf