Pre Market Report, October 23, 2015 | Stocks and Commodities

October 23, 2015
Time: 8.15 am

Pre Market Report:

1. US markets shot up yesterday after falling the day before.
2. ECB open to further stimulus and good corporate results helped US markets.
3. All Asian markets are up.
4. SGX Nifty hit a high of 8360.
5. Now it is trading around 8335.
6. If Nifty opens around this level, it will be a significant gap up and enough to make short sellers scary.
7. There will be some panic short covering in the morning, since China fell by 4% intraday and Nifty fell by 85 points, shorts would have piled up on Wednesday.
8. Bajaj Auto declared very good results and Federal Bank declared bad results.
9. There are no key results today.
10. Axis Bank and Maruti will declare results next Tuesday which are keenly watched.
11. Though most private sector banks fell on Wednesday, Axis Bank is holding ahead of its results.
12. Some profit booking is expected towards the end of the day as today is Friday.
13. So Nifty future may gap up by 70 to 80 points and may even go higher by another 20 to 30 points due to panic short covering and then may come down towards the end of the day or even during the middle of the trading session due to profit booking.
14. This is one shot upside due to ECB which may not sustain for a long.
15. Nifty future is expected to trade between 8280 and 8380.