Wall Street closed higher as relief rally following First Citizens Bank Shares struck a deal to buy failed Silicon Valley Bank. Nasdaq end the day with minor cuts on profit booking in APPLE, META & MICROSOFT.
Global cues are stable as Banking crisis worries likely to have calm down. S&P500 is trading above the level compared to 8-Mar-23, a day before SVB crisis came into focus.
Further short covering in F&O segment by FII could trigger short covering rally going into final F&O expiry.
VIX @ 15.44: likely to remain in 14 – 16 range.
F&O data: FII covered 36899 contracts in Index futures, client was net seller by 39771 contracts in Index futures.
Approach on Indices: SGX indicative opening is 50 points higher, Indices trading near lower end of the range, we expect short covering rally ahead of final F&O expiry tomorrow. Major rally on Nifty above 17199 & Banknifty above 40142 expected.
SGX Nifty @ 17060.50 up 47.50 points at 8:20 AM