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The US EIA recently trimmed its crude oil demand outlook for 2023 by 320,000 barrels per day, with supply also falling by 300,000 bpd. The oil producers’ cartel, OPEC, also revised its oil demand forecast for next year given the mounting economic challenges like high inflation and rising interest rates. In addition, the group warned that global supplies might become more vulnerable in the near future.

The derivative data shows that Nifty has a stiff resistance between 18,300-18,400 levels. The markets will remain under consolidation so long as it trades below this zone. Fresh resumption of up-move shall happen only after Nifty moves above 18400 levels. Volatility remained unchanged; India Vix declined just 0.10% to 14.39.

“Being in a different time zone gives me the privilege to do trading with a full-time job as most of my office tasks have finished by the time the Indian market starts. So my trading doesn’t impact my job, and similarly, my job doesn’t impact my trading,” says the NRI.

Buying remained quite strong from the poultry and starch industries to cover their demand, as their buying remained hand-to-mouth in the previous few months due to higher prices.

Algo trading is a mechanism which has predefined computer-generated algorithms that are used for trade execution. Efficient algorithms require the formation of suitable strategies, automation, back testing and approval by regulatory authorities.

This is where Algorithmic Trading comes in. Algos are still new in India, accounting for only 50-60% of the total volume, and are yet to be adopted universally. Initially, they were used only by institutions and brokers. However, the proliferation of discount brokers and trading API solutions have now opened up infinite opportunities for retail investors as well.

This has reduced the sell pressure on the crypto asset, which seems to have stabilized above $16,000 this week. The overall crypto market is now worth $830 billion, down from its peak of $3 trillion last year. Crypto market has not surged despite strong US CPI inflation data that beat estimates.

Our digitization driven by Chairman Shetty’s vision uniquely makes us the global market leader as well as the tech disruptor in our industry. This provides us robust growth momentum, which will help us maintain strong performance and as economic revival begins starting next year, we expect to witness growth in volumes.

​​Auto space underperforming the most. Broader markets have also remained under pressure, and despite Nifty managing to afloat near highs, mid-cap and small-cap indices moved to their monthly lows. Going ahead, we expect Nifty to respect 18000 levels and stage a fresh upward move amid broader market recovery.

"Nifty50 tested the monthly pivot resistance near 18,400 levels and witnessed a sideways move in a narrow range holding its short-term 8-day average. The current consolidation at higher levels augurs well for the bulls, and we expect the index to scale an all-time high in the coming weeks. "