Tag: SGXNIFTY

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Daily Report 3-Jul-23

Wall Street continue to rally on Friday ahead of holiday shorten week in US and major jobs data by end of this week.  NASDAQ was up by 1.45% as tech stocks continue to do well.

China’s Caixin PMI continue to show weakness, eased to 50.5 from 50.9 indicate marginal expansion as 50 level mark separates expansion from contraction.

SGX Nifty to trade as GIFT NIFTY from 3-Jul-23, derivative contract with notional value of about $7.5 billion will shift to GIFTNIFTY.

F&O Data: FII added 16333 contracts in index futures, net long position now stands at 72433 contracts.  Net long: short contract now stands at 69.21%:30.79%.

Approach on Indices: Indices in unchartered territory, Nifty @ 19362 & Banknifty @ 44959 could be next target / resistance level and support level on Nifty @ 18932 & Banknifty @ 44253.

GIFTNIFTY @ 19365 up 20 points at 8:20 AM

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Daily Report 30-Jun-23

Wall Street gain on Thursday as bank outperforms and tech stocks take a breather after outperformance in recent times.  S&P500 index up by 0.45%.

HDFCBANK & HDFC lead the indices to new high as merger date finalized.  HDFCBANK & HDFC is all set to merge effective from 1-Jul-23 & will trade as merge entity from 13-Jul-23 likely.

US 10-year bond yield rises to 3.84% & Dollar Index currently trading at 103 after comment of Fed chair on further rate hike by end of year.  China’s PMI shrinks for the third straight month in June.  

F&O data: FII rollover @ 87%, net long: short remains at 66.42%:33.58%.  Nifty PCR @ 1.41 & Banknifty PCR @ 1.30.

Approach on Indices: SGX Nifty indicate flat to positive opening, could continue to see positive movement, but we would wait for dip or correction any fresh entry

SGX Nifty @ 19185 up 35 points at 8:00 AM

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Daily Report 27-Jun-23

Wall Street ended with losses as NASDAQ was down by 1.16% as recession fear as investor believes that aggressive rate by US Fed could lead to economic slowdown.

Mid-cap 100 was up by 0.92% & Small-cap up by 0.62% indicate positive momentum may continue after negative close last week.

Commodity continues to remain near lower as China’s recovery fail to cheer the market.

F&O data: FII net buyer by 2023 contract in index futures, net long: short position remains at 53.26%:46.74%.  Nifty PCR @ 0.93 Vs 0.93 previous.  Banknifty PCR @ 0.84 Vs 0.88 previous.

Approach on Indices: Indices trading in narrow range with low volatility for quite some time now, we expect some increase in volatility as just two trading day for F&O expiry for June series.

Market View: We would prefer to book profit and reduce exposure and wait for better clarity.  Market seeing supply at higher level as global cues remain mix and no much fresh news to guide market in near term.  

SGX Nifty @ 18736.50 up 32.50 points at 8:00 AM

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Daily Report 26-Jun-23

Wall Street was down by 0.65% to 1.01% as economic worries continues to weigh on sentiment.  Rate hike of 50-bps to 5.00% by BOE surprised market participant.

Russia’s political crisis seems to be de-escalated over the weekend but may continue to remain an important geo-political event to watch out for, crude oil rises on Monday morning as supply may be impacted.

SGX Nifty indicate flat opening going into trade on Monday morning for final F&O expiry for June series.

VIX @ 11.24: continue to trade near lower end of the range.

Approach on Indices: Technical do indicate further correction and consolidation and Nifty @ 18567 & Banknifty @ 43314 could act as important support level, below these indices could witness further downside.

Market View: There are very little cues from global as well domestic market as indices continue to trade in narrow range, Mid-cap & Small-cap corrected after 12 weeks of gain and we think further correction in Mid-cap & Small-cap likely. 

SGX Nifty @ 18718 up 3 points at 8:25 AM

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Daily Report 23Jun-23

Wall Street closed flat to positive as US Fed chair Jerome Powell wraps testimony, NASDAQ gain by 0.95% indicate interest rate could be near its peak.

Bank Of England – BOE raises rates by 50-bps to 5.00%, rate increase above estimate, saying it needed to act against “significant” indictor that British inflation would take longer to fall.

Accenture result: revenue up 3% and operating income by 9% to 2.36 billion or 14.2% or revenue.  Lower its guidance for FY23, fiscal year ending on 31-Aug.

F&O data: FII were net buyers in Index futures by 3188 contracts, net long: short position remains at 53.47%:46.53%.

Approach on Indices: Indices continue to remain in consolidation zone, but still is uptrend till Nifty @ 18567 & Banknifty @ 43314 holds on, Indices remain in narrow range and could wait for clarity.

Market View: Going into trade on Friday, cues for IT stocks are weak on back of lower of guidance by ACCENTURE.  Crude oil was down by 4% overnight as BOE raises rates by 50-bps.  Market cues remain weak and perfectly set for major correction, any correction for current level would be healthy.

SGX Nifty @ 18809.50 down 21.50 points at 8:25 AM

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Daily Report 19-Jun-23

Wall Street witness some profit booking as trading near its recent high as all major central banks policy is out.  US Fed chair Jerome Powell testimony this week will be key event.

Defense stocks will be in focus as PM Modi’s visit to U.S. – there is already HAL & G.E. deal which is announced, details of the deal will provide further clarity.

F&O Data: FII are net long in Index futures by 18385 contracts, long: short exposure now stands at 55.13%:44.87%.

VIX @ 10.84: trading near lower end of the range.  

Approach on Indices: SGX Nifty indicate flat opening, Nifty likely to test new life time high and see some profit booking.   Banknifty above 44360 could test new high.  Indices likely to trade in narrow range.

SGX Nifty @ 18909 up 11 points at 9:00 AM

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Daily Report 16-Jun-23

Wall Street rallied over 1% on all major indices as market bets that interest rate in U.S. interest rate is near its peak, S&P500 & NASDAQ closed at 14-months high.

ECB raises rates by 25-bps to 4.00%, highest interest rate in 22 years and signal more hike to come, ECB maintain long term inflation target at 2%, which is currently far away from 6.1% latest inflation figures.

Bank of Japan kept rate unchanged at -0.10%, maintain yield for JGB at -0.50% to 0.50%.

VIX @ 11.08: continues to trade near lower end of the range.

Approach on indices: Indices likely to bounce after correction / profit booking seen post US Fed meeting outcome.  Indices do indicate sharp probability of bounce back.  Nifty continue to trade above important support level where as Banknifty underperform and closed below 43552.

SGX Nifty @ 18802.50 up 42.50 points at 8:55 AM

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Daily Report 14-Jun-23

Wall Street had another positive session after CPI came @ 4.0% Vs estimate of 4.1%.  U.S. Core CPI rises to 5.3% in May lowest since November 2021.

US Fed meeting tonight is now factoring in 95% probability of pause after CPI & Core CPI data came in-line with estimate.  US Fed chair Jerome Powell post policy press conference will be key event.

FMCG & defensives stocks continue to lead the Indices higher as Banks & IT stocks see some profit booking.  Mid-cap & Small-cap stocks continue to outperform.

VIX @ 11.11: surprisingly low, any increase in VIX needs to watch-out.

Approach on Indices: With Nifty is less than 170 points away from lifetime high at 18887, expected to test.  Banknifty likely to test 44965 as Banknifty likely to react to US Fed news.  Indices remain in uptrend till Nifty is above 18458 & Banknifty above 43552.  

Market View: We are going into event with indices near all time high, even if indices move higher, we would continue to reduce exposure on higher level.  In near term – even if US Fed decision comes favourable in-line with market expectation – we expect profit booking.

SGX Nifty @ 18830.50 up 45.50 points at 8:35 AM

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Daily Report 13-Jun-23

India’s CPI for May came at 4.25% as compared to 4.7% in April and against estimate of 4.31%.  IIP data for April 2023 came at 4.2% as compared to revise growth of 1.7% in March 2023.

Wall Street closes strong, S&P 500 and Nasdaq close at highest since April 2022.  Oracle hit record high ahead of quarterly results as investor awaits inflation data & US Fed interest rate decision.

US CPI & Core CPI inflation data due today ahead of US Fed meeting outcome tomorrow.  Wall Street going into event with positive trend as market trade near April 2022 highs.

F&O data: FII covered short & net addition in long position by 10481 contracts, FII long: short position stands at 49.29%:50.71%.  Nifty PCR @ 0.92 Vs 0.84 previous.

Approach on Indices: SGX Nifty indicate around 40 – 50 points higher on positive global cues & lower CPI inflation data.  Nifty could test around 18700 & Banknifty around 44360 before an important US CPI & Core CPI data.  Indices remain in uptrend till Nifty @ 18458 & Banknifty @ 43552 holds and set to make fresh new high.

SGX Nifty @ 18751 up 52.50 points at 8:10 AM

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Daily Reprot 12-Jun-23

Wall Street had another muted session as all eyes are now set of 3 major central banks meeting this week.  US Fed meeting outcome on 14-Jun-23 & BOJ meeting outcome on 16-Jun-23 are key event.

Defense stocks continue to remain in focus as multiple positive triggers helping this sectors, HDFC Defense NFO concluded on 30-May-23 – fund would be deployed.

LT, BHARATFORG & private companies which are involved in defense sector is expected to do well after sharp rally in defense PSU’s.

VIX @ 11.12: continue to trade near lower end of the range.

Approach on Indices: Technical set up has turned neutral after a failed attempt to gain momentum after breakout from Nifty @ 18619 & Banknifty above 44360.  SGX Nifty indicate gap-up opening around 60 – 70 points, first hour trade would be important after gap-up opening.  

Market View: Mid-cap & Small-cap have rallied and outperformed Nifty 50 & Sensex and index heavy weights.  Mid-cap & Small-cap stocks are expected to witness some profit booking or consolidation in next few weeks, look for opportunity to book part profit.

SGX Nifty @ 18671.50 up 61.50 points at 8:25 AM.

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