Wall Street ended flat after correction for last 2 days, revised lower wage growth downward to 2.4% Vs estimate of 3.1%. Recession fear continues to remain key worry.
Comment by PUTIN on nuclear war is causing fresh fear on global market. Geo-political tension is another factor to worry for market.
Crude oil continues to trend lower; Brent crude oil continue to trade below $80. Gold continues to trade around $1800.
VIX @ 14.08: moving towards 15 – 16 level.
Approach on Indices: Technical indicate further correction and provide entry level on Nifty @ 18421 & Banknifty @ 42157. Today’s cues will come from election result.
Market View: Election result dominate first half today and 2nd half – weekly option expiry will have its impact. F&O data indicates oversold zone, if election result is in favor of BJP – momentum could build up towards major rally on short covering.
SGX Nifty @ 18688.50 up 17 points at 8:25 AM