Pre Market Report, July 7, 2014 | Stocks and Commodities

July 7, 2014
Time: 8.45 am

Pre Market Report:

1. US markets were down moderately.
2. The fall in Europe were also not as big as expected.
3. Asian markets are mostly up.
4. As usual China is very volatile.
5. Yesterday markets took support at 8389, nearer to my prediction of 8380.
6. But on the higher side, nobody expected Nifty to cross 8520.
7. There was an intraday recovery of more than 150 points in Nifty.
8. I mentioned yesterday that fall in crude prices is actually good for India.
9. Our currency is also relatively stable.
10. Now our markets are trading around 50% Fibonacci retracement levels.
11. If the momentum continues, Nifty will have a target of 8700.
12. But markets will look for cues from IIP data, Inflation data and results from TCS.
13. So markets may consolidate until then.
14. SGX Nifty is trading almost flat.
15. There are no major stock specific news today.
16. Nifty is likely to trade in the range of 8480 - 8580.