Market Outlook 10 May 2022

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10 May 2022

Market Outlook

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US stock market rout continued as the slide showed no signs of reversal. Stocks fell to new lows of 2022. The S&P 500 dropped more than 3% and ended at its lowest level since March 2021, closing below 4,000. Nasdaq Composite dropped by 4.3% as technology stocks came under renewed pressure. The Dow shed 2.00%, taking all the three majors to fresh 52 week lows.

US dollar index traded marginally lower near 103.77, Cboe Vix moved higher near 34.75, 10 year dropped near 3.03%.

Crude prices moved sharply lower as Saudi cuts OSPs, hurdles to Russian oil ban and worries over global growth emerged. WTI dropped to 102 and Brent to 105, a cut of almost 7%.

Indian markets continued its slide on Monday led by heavyweights like RIL that dropped almost 4% taking indices lower by almost 0.67% . Metals, BFSI and Power stocks also saw cuts. IT names showed some stability in an otherwise falling market. Nifty closed near 16300, Sensex below 54500.

Global market weakness may continue to put pressure on stocks at the open and Nifty may head towards psychological support of 16000 (or towards recent lows near 15700) over next few sessions. The only saving grace for the market in near term is the oversold nature of stocks that may trigger a counter trend rally any moment from indicative support zones. Participants may continue to remain watchful, avoid going short at current levels and wait for a rebound to reduce positions. The next few months may continue to remain challenging for the stocks as markets starts to price in new growth-inflation dynamics and central banks reset on the same.

(All prices mentioned above are as on 4.59 am IST)

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