Tag: SGXNIFTY

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Daily Report 9-Jun-23

RBI kept repo rate unchanged at 6.50%.  Governor Das: Inflation still above target.  RBI MPC maintain stance – Withdrawal of Accommodation.

Wall Street gained as tech stocks led the rally as Dollar index cooled-off and volatility in U.S. is below pre-COVID level.  Market now focused on U.S. inflation data and US Fed meeting next week.

RBI lowers FY24 inflation target at 5.1%, aims at 4% target.  GDP growth forecast at 6.5% for FY24.

F&O data: FII were net seller by 4542 contracts in index futures, Nifty PCR @ 1.05 Vs 1.37 previous.  Banknifty PCR @ 0.77 Vs 0.95 previous

Approach on Indices: Nifty remain in uptrend above 18619 & Banknifty could gain momentum above 44360.  Yesterday’s correction can be considered as consolidation and due to weekly option expiry.

SGX Nifty @ 18755 up 34.50 points at 8:15 AM

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Daily Report 8-Jun-23

Wall Street ended mix as market looks forward for US Fed meeting and CPI & Core CPI inflation data next week.  Fed fund rate monitor tool indicate 66.8% probability of pause.

RBI MPC meeting outcome today at 10:00 AM: – Market expecting another pause today, any change in stance from withdrawal of accommodation or relaxation in CRR could provide positive trigger.

Defense stocks continue to remain in focus ahead of PM Modi’s visit to U.S.  HAL & GE defense deal could benefit 600 MSME.

F&O data: FII bought 8579 contracts in index futures, Nifty PCR @ 1.37 Vs 1.01 previous.  Banknifty PCR @ 0.95 Vs 0.97 previous.

Approach on Indices: Nifty giving clear break-out is heading towards fresh life-time high of 18887.  Banknifty is expected to take decisive move after today’s policy

Market View: Stocks & sectors leading are changing fast, we see typical move where tail end of the stocks is showing huge rally which market usually witness in last leg of rally before formation of top.  Just need to keep close look on any sign of trend reversal.

SGX Nifty @ 18832 up 20 points at 8:10 AM

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Daily Report 7-Jun-23

Wall Street had another flat session, as market awaits US CPI & Core CPI data next week ahead of US Fed meeting on 14-Jun-23.

India’s GDP growth for FY24 is seen at 6.3% as compared with a previous estimate of 6.6% in January, according to its latest Global Economic Prospects report.

HAL gets in-principle nod for deal with GE to make engines in India: Sources.  Deal likely to get signed when PM visit U.S. later in June.

F&O data: FII were net seller by 10457 contracts, now FII have turned net short with 46.19%:53.81 long: short exposure.  

Approach on Indices: Indices are seeing sideways consolidation and we expect positive break-out.  RBI MPC policy outcome tomorrow morning will provide directional move.

Market View: Defense stocks were in focus, news of HAL deal with GE, Mid-cap & Small-cap will continue to remain in focus as it could benefit 600 MSME companies.  Broader market will take directional move only after RBI MPC decision.

SGX Nifty @ 18704 up 25 points at 8:35 AM

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Daily Report 6-Jun-23

Wall Street seen some profit booking on ISM services PMI data which came below estimate at 50.3 – indicates flat.  Crude oil gave up some of the gains made after OPEC+ nations production cut announcement.

Defense stocks were flying all around as we see HDFC defense NFO funds getting deployed.  M&M, AXISBANK & TATAMOTORS were major gainers on Nifty 50, while DIVISLAB, ASIANPAINT & TECHM witness some profit booking.

IT stocks ADR were under pressure on NASDAQ, INFY ADR down by 2.53% & WIPRO ADR down by 2.63%.

F&O data: FII were net buyer by 7448 contracts in index futures, Nifty PCR @ 1.00 Vs 0.95 previous.  Banknifty PCR @ 0.87 Vs 0.80 previous.

Approach on Indices: Nifty above 18619 & Banknifty above 44360 could be considered as fresh positive trigger, Nifty @ 18458 & Banknifty @ 43781 to act as support level.

Market View: We would position our self for a potential rally only on some positive news flow and trigger by global cues or RBI MPC event on 8-Jun-23.  Banknifty could lead next round of rally.

SGX Nifty @ 18703 down 22 points at 8:25 AM

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Daily Report 5-Jun-23

Wall Street had massive rally on Friday as DOW30 rallied over 2%, S&P500 was up 1.45% & NASDAQ up by 1.07%.  U.S. debt deal and strong jobs data provided much needed trigger for Friday’s rally.

OPEC+ nations decided another cut in crude oil production, SAUDI ARABIA to make additional cut of 1 million barrels per day as part of new OPEC+ deal.

RBI Weekly bulletin: Deposit growth at 10.9% & Credit growth comes at 15.4% for fortnightly 19-May-23.

F&O data: FII added 4979 contracts in index futures, net long: short remain at 47.55%:52.45%.  Nifty PCR @ 0.95 Vs 1.00 previous.  Banknifty PCR @ 0.80 Vs 0.76 previous.

Approach on indices: SGX Nifty indicate opening on Nifty spot around 18619 & Banknifty around 44360, we expect another round of rally and indices to test higher levels this week.

SGX Nifty @ 18725.50 up 96.50 points at 8:20 AM

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5-Jun-23 Daily-Report.pdf
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