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Time: 8.15 am
Pre Market Report:
- US markets were up day before yesterday and down yesterday.
- US markets fell more yesterday than it rose the day before.
- That is affecting sentiment in Asia.
- SGX Nifty is trading around 6780.
- We said Nifty future should consolidate in the range of 6780 to 6820 for few days.
- But it overshot yesterday due to positive global cues.
- Today it seems that it will come back to the range.
- Yesterday for the first time both FIIs and DIIs have bought but today the global cues is very bad.
- So it will be interesting to see how our markets move.
- One thing is sure, it is going to be volatile.
- Buying will emerge at lower levels.
- Friday afternoon trade will be difficult to predict.
- Since Monday is holiday and Infosys results will be out before markets open on Tuesday, there may be some short covering in Infosys towards the end of the day as it has been falling for the last few days..
- Whether that triggers short covering in other sectors or not, we have to wait and see.
- Nifty future should take support at 6780, due to the panic it might go down to 6760, but closing should be above 6780.
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