Daily Report 28-Sep-22

Indian market attempted recovery failed to sustain / build-up as global cues continue to remain bearish on recession fear.

US CB Consumer confidence data came strong at 108 Vs expectation of 104. New home sales @ 685k Vs expectation 500k. Wall Street ended with minor cuts on DOW30 & S&P500 while Nasdaq closed 0.25% higher.

Nord Stream pipeline saw leakage due to damage; 3 leakage was found impacting supply to Germany. Damage is unprecedented will take time to restore.

Dollar Index above 114.50 & US 10-year bond yield @ 4%.

VIX @ 21.57: move above 22 likely today, warrants cautious.

Nifty PCR @ 0.70 & Banknifty PCR @ 0.54 indicate highly oversold zone.

Approach on Indices: SGX Nifty indicate gap-down opening of 160 – 180 points. Clear risk-off sentiment although indices are in oversold zone ahead of final F&O expiry tomorrow.

Market View: Global cues are showing unprecedented weakness as recession fear mounts, we continue to focus on VIX which is showing worrisome market conditions.

SGX Nifty @ 16861 down 177 points at 8:10 AM

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28-Sep-2022-Daily-Report.pdf