Wall Street seen some profit booking on ISM services PMI data which came below estimate at 50.3 – indicates flat. Crude oil gave up some of the gains made after OPEC+ nations production cut announcement.
Defense stocks were flying all around as we see HDFC defense NFO funds getting deployed. M&M, AXISBANK & TATAMOTORS were major gainers on Nifty 50, while DIVISLAB, ASIANPAINT & TECHM witness some profit booking.
IT stocks ADR were under pressure on NASDAQ, INFY ADR down by 2.53% & WIPRO ADR down by 2.63%.
F&O data: FII were net buyer by 7448 contracts in index futures, Nifty PCR @ 1.00 Vs 0.95 previous. Banknifty PCR @ 0.87 Vs 0.80 previous.
Approach on Indices: Nifty above 18619 & Banknifty above 44360 could be considered as fresh positive trigger, Nifty @ 18458 & Banknifty @ 43781 to act as support level.
Market View: We would position our self for a potential rally only on some positive news flow and trigger by global cues or RBI MPC event on 8-Jun-23. Banknifty could lead next round of rally.
SGX Nifty @ 18703 down 22 points at 8:25 AM