18/12/2022
*My 2cents take on market*
We have now 9 training sessions in this December series and last expiry for the CY 2022.
Last week market has shown some negative bias after heating all time of 18800 + on the eve of assembly election results.
Looking at global economy, particularly crude oil, which is trading below $80, is a very good sign for Indian economy.
Since August both FII and DII were buyers in the market, even though in December series we have seen net sell out by FII, selling has been absorbed by DII
Latest MPC meeting Outlook shows aggregate demand still intect as well as CPI is moderating with stable or negative crude prices and good agricultural produce.
USA economy is showing some turbulence but with stable oil prices, falling cryptoes it's unlikely that US will see any sale of on the eve of new year.
Options data suggest strong support for Nifty between 18000 and 18300 and Bank Nifty to hold 43000 level
As a whole domestic investors are comfortably placed and in no hurry to book profit, they will continue to hold till budget announcements which is towards end of January 23
*So stay invested till the budget announcements and can book some profit on the eve of budget as this budget is likely to be more on supporting agriculture and consumption.*
This budget is unlikely to give any major concessions to stock market investors as government borrowings will rise in first three quarters of CY 23 and government will not reduce their direct / indirect kitty.
