Pre Market Report, July 27, 2016 | Stocks and Commodities

July 27, 2016
Time: 8.15 am:

Pre Market Report:

1. US markets closed mixed.
2. Most Asian markets are up.
3. SGX Nifty is trading around 8605, about 20 points higher than yesterday close.
4. Yesterday there was a significant correction of 75 points in Nifty.
5. But still whether it is trend reversal or just expiry week volatility, the answer is not clear.
6. Global cues continue to be good.
7. Today Fed announcement, Friday BoJ meeting are important events to watch.
8. FIIs are buying in huge quantities and yesterday they have bought for more than 600 crores.
9. DIIs have sold for over 400 crores and that triggered the correction yesterday.
10. Yes Bank, Bajaj Auto, Bharti Airtel, HDFC and Asian Paints will be declaring results today.
11. Most analysts were of the view that Nifty will expire around 8700.
12. That possibility is still there, we need to see what Fed announces tonight.
13. So far all companies shares fell after declaring Q1 results except Ultra Tech.
14. Yesterday Dr Reddy and Maruti fell after results. Maruti fell despite good results but was volatile.
15. Profit booking, shorting, short covering will be the name of the game today and tomorrow.
16. Nifty future should take support at 8550 from where the markets broke out day before yesterday.
17. Resistance will be at 8650, yesterday's high.
18. GST bill will not be tabled in RS this week, it will be tabled next week and that is a bad news.
19. But state finance ministers meeting was good and there was consensus and that is good.
20. So we need to see how markets react to this news.
21. Next week will see a lot of action due to RBI policy and GST.