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Quote On Morning Market 09 March 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Nifty is likely to remain in a range of 17450 -17850 before breaking up or down. If tomorrow’s payroll data from the US show better-than-expected job numbers and a strong economy, the Fed will have to raise rates by 50 bp in the March 22 meeting. This can pull the Nifty down from the range. On the other hand, if the jobs data is weak indicating a weakening economy, the Fed will raise rates only by 25 bp, which will facilitate a rally in US markets and break out of the Nifty above the upper band. So, watch out for this crucial job data. Even though a strong jobs data is negative for equity markets, it can be good for IT stocks since the U.S. IT spends will continue to be strong and the Q4 results of IT companies will be good. So, weakness in IT stocks may be used to accumulate the high quality stocks in the segment.

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