Pre Market Report, July 29, 2015 | Stocks and Commodities

July 29, 2015
Time: 8.40 am

Pre Market Report:

1. US markets closed higher after many days of losses.
2. Asian markets are following US.
3. As usual China is very volatile trading both positive and negative.
4. SGX Nifty is trading around 8340 about 15 points lower than yesterday's close here.
5. This is mainly due to huge FII selling of about 1300 crores in cash market yesterday.
6. That is why our markets were very volatile yesterday.
7. Today also we can expect a volatile session ahead of expiry.
8. There is huge call writing at 8400, 8450 and 8500.
9. So even in the best case, Nifty is not likely to expire above 8500.
10. But since the markets have fallen so drastically, short covering is not ruled out.
11. Yes Bank will be in focus today due to results.
12. There may be some slight panic at the open due to huge FII selling, markets may stabilise after that.
13. Nifty is likely to trade between 8300 and 8400 today.