RBI Takes Steps To liberalize Forex Flows Amid Weakening Rupee, positive for Banks also.
F&O data: Perfect setup for short covering rally. FII added 20983 contracts in Index futures and sold Put contract by 80726 contracts. Banknifty PCR @ 1.38 indicates overbought zone.
VIX @ 20.27: Within comfortable zone of 20 – 22.
Approach on Indices: SGX Nifty indicate opening around 16100, F&O data indicate – huge short covering. Today is weekly options expiry. Nifty likely closing around 16150 – 16200 & Banknifty can test 35000. Stay long for the day.
Market View: Today’s setup looks bullish all-around, but focus will soon shift to corporate earnings. TCS comes out with result on 8-Jul-22 after market hours.
SGX Nifty @ 16102 up 119.50 points at 8:05 AM
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Daily Report 7-Jul-22
RBI Takes Steps To liberalize Forex Flows Amid Weakening Rupee, positive for Banks also.
Crude oil down by another $2 -$3, Brent crude oil below $100. Copper below November 2020 levels.
F&O data: Perfect setup for short covering rally. FII added 20983 contracts in Index futures and sold Put contract by 80726 contracts. Banknifty PCR @ 1.38 indicates overbought zone.
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