Pre Market Report, October 9, 2014 | Stocks and Commodities

October 9, 2014
Time: 8.40 am

Pre Market Report:

1. US markets not only ended positive, wiped out huge loss suffered the day before.
2. Fed comment about interest rate hike helped the short covering rally.
3. So most Asian markets are up.
4. SGX Nifty is trading around 7930.
5. Markets may recover, but will not rise significantly.
6. Continued selling by FIIs in huge quantities will check the upside momentum.
7. Also ahead of IIP data and Infosys results tomorrow, people may not initiate new positions.
8. On the other hand, many banking stocks have fallen more than 20, 30% and with DIIs support, Bank Nifty may find value.
9. Pharma and IT sectors will be watched keenly as US Congress initiate investigation against Pharma companies and Citi downgrading IT sector.
10. As I have stated earlier, until earnings surprise the markets, Nifty is likely to trade in the range of 7850 to 8050.