Indian market ended highly volatile session on flat to negative bias. Between 11AM to 12 PM, Nifty corrected 300 points from only recover gradually and closed flat.
RBI MPC to announce its decision today at 10:00 AM. RBI expected to increase repo rate by 25 / 35 bps and few participants expect 50 bps.
Crude oil back to near pre-Russia-Ukraine crisis level, indicate sharp drop in demand.
VIX @ 19.26: Yesterday move above 20 only to cool-off.
Approach on Indices: SGX Nifty indicated opening around 60 points up. RBI MPC event, we expect market to clear trend posts its outcome.
Market View: We will wait for RBI MPC policy outcome to take clear directional call. After yesterday’s dip was bought into, we expect momentum to remain on upside with target on Nifty @ 17674 & Banknifty @ 38448.
SGX Nifty @ 17465 up 68 points at 8:25 AM