Banknifty made new fresh life time high as global cues helped passed 44151, previous high. Banknifty – 11 stocks were higher and ICICIBANK was only in red by 0.27% cut.
Wall Street was closed on 29-May-23 on Memorial Day. DOW30 futures is little changes after rally on Friday.
Details of U.S. debt deal will provide further cues to market, fed fund rate monitor tool indicate 58.4% probability of 25-bps rate hike.
F&O data: FII net long position in index futures at 29636 contracts, long: short position at 60.21%:39.79% indicates overbought zone. Nifty PCR @ 1.33 Vs 1.37.
Approach on Indices: Yesterday’s rally can be considered as fresh breakout, but F&O data do indicate probability of correction before next up move is seen. Fresh entry on Nifty preferred around 18458 / 18498 & on Banknifty @ 44018 & 43781.
SGX Nifty @ 18700.50 up 10.50 8:25 AM