Pre Market Report, July 30, 2015 | Stocks and Commodities

July 30, 2015
Time: 8 am

Pre Market Report:

1. US markets closed higher after no rate cut by Fed.
2. Asian markets are also trading in Green.
3. We are coming to a close of July expiry which was very volatile due to reasons like 5 week month, results season and China and P Note regulatory jitters, etc.
4. During the last expiry on June 25, Nifty closed at 8398.
5. After a roller coaster ride for 25 trading sessions, Nifty is likely to close around the same figure.
6. This once again proves that we are in long term consolidation between 8000 and 9000.
7. I expect this range until the end of this year.
8. SGX Nifty is trading around 8400 which is a positive start.
9. But markets are likely to be volatile with two way movements.
10. But the may may trade between 8380 and 8420 in the first half of the session.
11. There may be some sharp movement towards the end of the day.
12. Since the markets fell drastically in the last one week, we can not rule out 'a very good short covering rally' that can take the Nifty to the range of 8450 to 8480.
13. Kotak Bank, IDFC, NTPC and ITC are the key results to watch.
14. So far all private sector banks declared good results and Kotak may follow.
15. PSU Banking index hit 52 week low yesterday.
16. Bank of India shares are available now at a price less than Year 2004 price. This shows the kind of bearishness in PSU Banks.