Market Wrap and Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap and Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities
Market Wrap:
Today, the benchmark indices witnessed lackluster activity, the Nifty ends 8.50 points lower while the Sensex was down by 27 points. Among Sectors, Media index gained over 1 percent whereas Reality index shed nearly 1.5 percent. Technically, after a positive opening entire day the market hovered between 24200/79470 to 24400/80150. On intraday charts, market witnessing non-directional activity perhaps traders are waiting for either side breakout. For the bulls now, 24400/80150would be the immediate breakout zone. Above the same, the market could rally up to 24500-24575/80500-80700. On the flip side, below 24200/79470 the selling pressure is likely to accelerate. Below which the market could slip till 24100-24075/79100-79000.
Market Macros:
Oil prices edged higher on Thursday as crude stocks fell due to increased processing by U.S. refineries and a decrease in gasoline inventories, indicating stronger demand. OPEC maintained its forecast for robust global oil demand growth, while the market awaits the International Energy Agency's report. In the U.S., attention will be on the Core CPI month-over-month, expected to stay at 0.2%, and the CPI year-over-year, anticipated to dip to 3.1% from 3.3%. Unemployment claims are forecasted at 236K, slightly down from 238K. Fed Chair Powell's cautious tone and potential dovish hints from FOMC members could reinforce a bearish outlook. Tomorrow, the focus will shift to India's inflation and industrial & manufacturing production data, while in the U.S., the spotlight will be on PPI data.
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