Wall Steet had another positive session with NASDAQ gain by 1.90% as tech stocks did well. DOW30 was up by 0.50% & S&P500 was up by 0.99%.
China Seeks to Boost Consumption to Spur Economy’s Recovery – China’s economic data continues to remain weak as Chinese government continue to focus on economic revival since beginning of 2023.
Metal & Chemical stocks will be focus as China’s is expected to announce fresh set of measures to boost economy.
F&O Data: FII net long position in index futures by 13814 contracts, FII reduced 19427 contracts in index futures. Nifty PCR @ 0.82 Vs 0.90 & Banknifty PCR @ 0.74 Vs 0.70.
Approach on Indices: Nifty @ 19478 & Banknifty @ 45219 could act as important support level and indices remain in uptrend till these levels hold.
Market View: We would focus on Metal stocks, Defense stocks for fresh allocation. PSU’s where Q1FY24 earnings is pending could provide fresh entry opportunity.
GIFT NIFTY @ 19785 Vs 19751 Nifty future pre close.