Dollar Index @ 104.55 below 105, US 10-year bond yield @ 3.47 and WTI crude around $72 & Brent crude near $77, recent cool-off due to recession fear on hope of slowdown in rate hike.
US Economic data: PPI & Core PPI data due today, CPI & Core CPI data will be released on 13-Dec-22, ahead of US Fed meeting on 14-Dec-22
VIX @ 13.40: continue to trade below 14, we expect to test 15 – 16.
Approach on Indices: recent sideways move can be considered as consolidation / correction and we see next round of up move to begin, Banknifty made fresh high yesterday and Nifty to follow soon. Now fresh long position with a review on Nifty @ 18528 & Banknifty @ 42937.
Market View: RBI MPC Meeting & Election outcome are done, so now focus will shift to US Fed meeting outcome on 14-Dec-22, major and much awaited event this month.
We expect momentum to begin from today and Fed meeting outcome will provide further cues.
SGX Nifty @ 18791.50 up 64 points at 8:35 AM