Pre Market Report, September 28, 2015 | Stocks and Commodities

September 28, 2015
Time: 8.30 am

Pre Market Report:

1. US markets closed mixed on Friday.
2. US GDP was revised upwards to 3.9% from 3.7%.
3. So December Fed rate hike is very much on the cards.
4. But we do not know how our markets will react.
5. In addition to Fed, Volkswagen issue of Biotech issue are troubling Europe and America.
6. Auto sector is doing badly in Europe and Biotech shares are doing badly in America.
7. A tablet that is being sold in India for Rs 500 is being sold at Rs 66000 in America. Another company increased the prices of a tablet from US$ 13.50 to US$750 overnight. This has drawn political attention, so Biotech shares are falling in US. 
8. SGX Nifty is trading marginally lower at 7885, just 10 points lower than Thursday's close here.
9. But most Asian markets are down.
10. So the global cues are not good, there may be some build up ahead of RBI policy, so our markets may not fall much.
11. If it has to fall, it will fall tomorrow.
12. Today markets are likely to trade in a range with volatility.
13. Nifty is likely to take support at 7820.
14. Resistance will be at 7950
15. SGX Nifty traded between 7784 and 7945 from Thursday night till now.
16. IT and Pharma sectors likely to out perform as our currency is expected to fall further due to Yellen's comment regarding interest rate hike.
17. Maruti has reached agreement with trade unions regarding salary hike and temporary workers are demanding pay hike. So it will be interesting to see how this counter reacts as it is trading almost at peak.