Indian market was strong in 1st half, sold off on global risk-off cues. Nifty tested 16000 level but ended flat to negative on major indices.
Wall Street was down more than 2% in opening trade, but recovered by closing to end DOW30 with minor loss, S&P500 was flat and Nasdaq ended with 1.75% gain.
VIX @ 20.79: VIX continue to trade in 20 – 22 range, within comfortable range. Any sharp increase in VIX – will need to turn cautious.
Approach on Indices: Nifty PCR @ 0.93, back below 1 from previous PCR @ 1.13. Global cues will continue to dominate. Major downward trend once Nifty @ 15563 & Banknifty @ 33156 are broken.
US Data – today’s release: JOLTS Job opening and US FOMC Meeting minutes.
SGX Nifty @ 15801 up 35 points at 8:45 AM
SGX Nifty indicate opening around 15800 level. What is this fear all about – Recession in US? Q2 GDP data of US will be released on 28-Jul-22 which will confirm. It is time to focus on capital protection and we expect volatility to only increase before some stability returns.
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Daily Report 6-Jul-22
Indian market was strong in 1st half, sold off on global risk-off cues. Nifty tested 16000 level but ended flat to negative on major indices.
Wall Street was down more than 2% in opening trade, but recovered by closing to end DOW30 with minor loss, S&P500 was flat and Nasdaq ended with 1.75% gain.
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