Market Outlook 5 May 2022

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06 May 2022

Market Outlook

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US stock markets took its biggest reversal since the early days of the pandemic on Thursday with the Dow posting its largest decline this year in just 24 hours after its highest gain since 2020. Dow dropped 3.12%, S&P lost 3.56% and Nassaq gave up close to 5.00%.

US dollar moved higher near 103.55, Cboe Vix jumped to 31, US 10 year crossed 3.00% to trade near 3.04%.

Crude futures remained flat with positive bias, WTI traded near 109, Brent near 111.

Indian stocks remained choppy erasing opening gains to close near flat zone taking cues from sharp sell-off in US futures. Nifty failed to cross resistance band near 16850-16950 zone _(it was indicated in yesterdays morning note to avoid longs / continue put protection as Nifty gains may not sustain)_ to close near intra-day target of 16650.

Markets may continue to remain under pressure on global equity sentiments and worries over central banks re-think on growth - inflation equation. As suggested during last few months interaction continue to avoid leverage, buy protection against longs and maintain decent liquidity in portfolios for eventual showdown in months to come (markets may seek much lower levels) as the equity sentiments and positioning of stocks have turned weak.

(all prices mentioned above are as on 4.39 am IST)

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