Pre Market Report, June 23, 2015 | Stocks and Commodities

June 23, 2015
Time: 8.15 am

Pre Market Report:

1. US markets closed positive.
2. European markets shot up, Greece was up by 8%, Banking stocks in Greece shot up by 15%.
3. Here also, I expected Nifty to face resistance at 8320, but the resistance came only around 8380.
4. Our markets rose continuously for 7 days.
5. Today also it is likely to close in Green.
6. Beaten down stocks like PNB, ICICI Bank, M&M are seeing delivery based buying.
7. So this is not just short covering or momentum rally.
8. Long term investors are buying beaten down stocks.
9. Markets may face expiry jitters, but will continue to rise in the next few weeks, if there is no bad news from monsoon and Greece.
10. Yesterday, after a very long time, FIIs have bought for over 500 crores in cash market.
11. This time our markets showed resilience, did not fall much despite huge FII selling.
12. Since markets rose significantly in the last few days, markets are likely to consolidate at this level until expiry.
13. Today Nifty may trade between 8340 and 8420.
14. If 8420 is crossed, then expiry may be around 8480.