Pre Market Report, July 27, 2015 | Stocks and Commodities

July 27, 2015
Time: 8.45 am

Pre Market Report:

1. US markets closed lower on Friday after bad IIP data from China.
2. Today Asian markets are down.
3. Now global focus will be on Fed meeting tomorrow and Wednesday.
4. SGX Nifty is trading around 8500.
5. Last time, I expected Nifty to fall to the range of 8480 to 8520.
6. But went up by short covering and now falling in that range.
7. Once again there is a talk about P Notes.
8. Whenever there is a talk about P Notes, markets tend to fall.
9. We have some positive and negative things for us.
10. Positives first, falling Crude and Gold prices, better than expected monsoon rains, not so bad corporate results, etc.
11. Bad things are parliament not functioning, talk of P Note etc.
12. So our markets are likely to consolidate around 8500.
13. We are in a long term consolidation mode between 8000 and 9000.
14. We have to see how Reliance reacts to its numbers today.
15. Though results were good, it is below expectation.
16. Since the stock has already fallen by about Rs 35 from the peak, the fall in this counter may be limited.
17. ICICI and SBI are looking weak, dragging Bank Nifty.
18. Axis results were in line withe expectation.
19. JP group exposure dragged ICICI down by 4%.
20. Today there are no key results due.
21. There will not be any panic until Nifty trades above 8470.
22. If it falls below 8470, it may slide down to 8380 to 8420 levels by expiry.
23. Any intraday bounce can be used to sell call options of strike 8600 and 8700 with appropriate stop losses.