Wall Street ended the day with gains of 0.56% to 1.01%. US Fed chair Jerome Powell speech focus on independence of central banks, rejects climate mandate.
Jerome Powell does not comment on monitory policy or economic outlook. Market was waiting for some cues ahead of CPI & Core CPI inflation data on Thursday.
World Bank forecast world GDP growth at 1.7%, warns of global recession.
VIX @ 15.51: need to turn cautious above 16.
Approach on Indices: Indices failed to build up momentum seen on Monday and currently trading near Friday’s low. Nifty range 17775 – 18202 & Banknifty range 41597 – 43173 –will wait for clear breakout.
Market View: We believe, market would take clear trend after US inflation data & after INFY & HCLTECH result. Yesterday market failed to hold on to Monday’s momentum. Breakdown on last Friday & December lows will open further downside.
SGX Nifty @ 18010 up 24 points at 8:15 AM.