Pre Market Report, July 24, 2015 | Stocks and Commodities

July 24, 2015
Time: 8.30 am

Pre Market Report:

1. US markets closed in Red for third day due to poor corporate results.
2. So Asian markets are also down.
3. Economic data from China was not good, yet China is trading in Green.
4. SGX Nifty is trading around 8580, which is considered as support level.
5. Gold has broken down once again, now trading below US$1080.
6. Crude oil is also down.
7. Monsoon is recovering and is likely to be good in the next two weeks according to reports.
8. So all these are good for India, but in the short term markets will be volatile due to expiry related issues.
9. Tata Motors turned around after falling over 30% in the last few months.
10. People are focusing on this counter as this stock has been an under performer in a bullish sector.
11. Lupin and Bajaj Auto fell after results.
12. Though Bank Nifty fell yesterday, PSU Banks out performed Pvt. sector banks.
13. RBI has allowed FIIs to buy the shares of Bank of Baroda, so it will be in focus. There may be some short covering in this counter.
14. There are no key results due today during market hours.
15. Reliance will declare results after the market hours.
16. Markets may be volatile due to expiry related issues, but the downside seems to be limited due to FII buying.
17. Yesterday also FIIs were net buyers in cash market.
18. Nifty future is likely to take support at 8550 and resistance will be at 8650.