INDIA50 is trading at 17767.3, 0.18% up since previous day close. The SGX Nifty extended gains on Thursday amid positive sentiments emerging out at global level. Upcoming ECB meet with a chance of interest rate hike by 75bps led buying pressure in major equity markets. Earlier, the indices slid down as traders hope for the aggressive rate hike in the next FOMC meeting in order to control inflationary concern. The growing effort to improve country’s financial & economic conditions remains bullish factor for INDIA50. As seen in the chart, the INDIA50 is trading above the short term Moving Averages of period 10 & 20 & may test the major resistance of previous highs. Buying on lower levels may be recommended for the day in INDIA50.

WTI Oil is trading at $82.66, 0.28% down since previous day close. The Oil prices moved on lower side post release of U.S American Petroleum Institute (API) report which showed a rise in Oil stocks level by 3.645 mbpd against the expected fall of 0.733 mbpd. Earlier, a slight upside was seen in Oil prices after Russia stopped the gas flow from Nerd Stream Pipeline 1 to Germany last week. The recent U.S Baker Hughes report showed a rise in Oil rig counts by 9 leading to 605 from 596 in the previous week. This slightly weighs down the prices. Last week, the OPEC & its allies hinted for output cut in the latest meeting in order to stabilize the volatile Oil prices. Slight selling bias may be recommended for the day in WTI Oil.

USD/JPY is trading at 144.062, 0.08% down since previous day close. The steady USD as market expects an interest rate hike by 75bps in the Fed’s upcoming meeting weakened the YEN. On regional front, the mixed economic data of Final GDP & Current Account data led sideways momentum in USD/JPY. The Japan’s Average Cash Earnings grew by just 1.8% against the expectation 1.9% & the Household Spending increased by 3.4% lower than previous figure 3.5%. The result of country’s Money Stock data will remain in focus. As seen in the chart, the USD/JPY is trading above the short term Moving Averages & also, crossed major resistance; causing major breakout phase. This shows the chances of further selling bias in JPY against the USD.