Open Ecchange

SGX Nifty up by 70 pts @ 9.45 am

Markets expected to open up with a gap and move towards 12300 levels

The SEBI move to free up P-Notes will have minimal impact as there is counter
party risk aversion in the market right now. Sentimentally though it could be
seen as a positive. The CRR cut was on expected lines as liquidity was extremely
tight for the past few days.

Market is near its bottom & there is little room on the downside from a valuation
perspective. We are likely to see more good news and may see more rate cuts
globally. The SEBI move is a positive but clarity is needed on the timeline of
implementation. I would not advise going short at these levels. Investors can buy
with a 1-year horizon.