Pre Market Report, August 30, 2016 | Stocks and Commodities

 August 30, 2016
Time: 8.35 am

Pre Market Report:

1. Every one was afraid of "Brexit" and it came but markets did not fall as expected.
2. The same thing last week, every one was afraid of "Janet Yellen's comment about rate hike" it came but markets are not falling.
3. US markets closed higher.
4. Asian markets are mostly higher, only Indoneasia is down.
5. SGX Nifty is trading around 8680.
6. FIIs did not turn as net sellers even after Janet Yellen's comment.
7. FIIs were net buyers for Rs 286 crores in Cash market.
8. At least, last month, FIIs were actively selling in stock futures in F&O market.
9. Yesterday even there, they are net buyers.
10. FIIs were net buyers for Rs 406 crores in stock future yesterday.
11. Due to the absence of any triggers, markets are likely to trade in sideways mode with global cues playing dominant role.
12. Though Nifty even broke 8550, Nifty 8500 Put has the highest open interest.
13. The trade set up is same as August, Nifty is likely to trade between 8500 and 9000.
14. The action may begin next week, once GDP data and US jobs data are out.
15. I expect Nifty to trade between 8500 and 8700 until this Friday.
16. Yesterday Relince has shot up ahead of AGM.
17. Rel Capital and Rel Infra were also up. Remember if markets are weak, then Anil Ambani's stocks will not move higher.
18. Tata Motors is seeing lot of action after the results.
19. Axis Bank was the top traded counter, yet it fell more than Rs 8 from intraday high.
20. Last month, though Nifty fell by about 1%, Bank Nifty was up by about 2%.
21. Now it seems that it is getting adjusted.
22. Today we may see action in Bank Nifty.
23. I will be happy if Bank Nifty trades below 19400 as I have sold 19400 Call in weekly expiry.
24. Nifty future is likely to take support at 8600.
25. Resistance will be at 8720.