NIFTYBANK - JOLTS, Finland and New Zealand

Apr 5, 2023

The JOLTS, Job openings came much lower and pushes the US bond yields crashing, Equity taking knock at the top. Dollar continues to wilt on yield differential and the hate sentiment. Gold and Silver Zooms while base metals melt. Clearly the concerns on recession paramount. The earnings season is the real proof of the direction to this quarter and next. This morning New Zealand gives a surprise rate hike, while NAB paused. Contrary coming from similar regions. Asia mixed, Europe and US negative tone. We are one day left for our own MPC outcome. Growth has been cut to 6.3% n Consumption is lagging as reflected by the NIFTYCONSUMPTION index posting four continuous months of negative returns. Market is always ahead, fundamentals late to recognise. It is liquidity that drives, and the news of robust credit growth and deposit growth (is money moving from bonds to FD or equity to FD?) remains the themes that headlines will draw. The price action is near the supply zone, hence caution is warranted. The new zone of consolidation is 40400-41200. With expiry market would be reluctant to take either side save some surprises form MPC tomorrow. Watch USDINR space for more clues. For the day 40600-41100 should work, tad sell on top.