Kotak warning, nothing new. Similar warnings were given in previous trends also. Markets have limited moves or lame moves. There are not many small and mid-cap in banking space that can impact this sector in direct proportional measure. No indirect impact is seen at this point of time. Save PSU banks, as part of PSU Index that attracted profit taking. A healthy one indeed. Inflation recedes, worries remain. No real clues this morning, save yesterday yo yo session, optically nothing happened, but if one were to drill down a lot unfolded. Similar bearish meeting candle here too. Despite this the structure is much more stable. With expiry today, the mood is some consolidation at lower or no level moves. WPI later today, MoM of CPI is negative, to take home some comfort. US CPI later in the day. Oil rises, but markets chose to ignore at this point of time as the political premium in price is playing the moves. Technically looks set for 100 plus, if this assumption is true, then needs a calibrated approach to the investment or trading style. This morning Tankan Index falls on rise in input costs. Japan PPI flat YoY, but MoM increases. JPY moves can provide constructive clues to broader market direction globally. WPI data comes tomorrow for us, by then the US CPI would dominate the proceedings. Always to note, it is not the data that moves, but reaction of the markets to the data that is of importance. On a simple observation yesterday low of 45300 and first half hour high of45600 should do the trick but one can push that to 45100-45800 or 45100-45600 range.
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