Pre Mrket Report, August 8, 2016 | Stocks and Commodities

August 8, 2016
Time: 8 am

Pre Mrket Report:

1. I could not write "Pre Market Report" on Friday as I was travelling from Chennai to Bangalore on Friday morning.
2. As expected US jobs data came as a pleasant surprise.
3. US markets finally broke out after trading in a range for a long time.
4. Asian markets are mostly higher.
5. SGX Nifty is trading about 50 points higher.
6. Most surprising thing about Friday's trade is that both FIIs and DIIs were net buyers in Cash market for significant amount.
7. FIIs have bought for Rs 435 crores and DIIs have bought for Rs 616 crores.
8. Hero Moto and Idea will come out with results today.
9. Today Nifty is likely to open above 52 week high and the momentum may continue due to RBI policy tomorrow.
10. Banking stocks will be in focus ahead of RBI policy.
11. PSU Banks may not do well as Andhra Bank and Union Bank came out with bad set of results on Saturday.
12. But since global cues are very good and our markets open higher than 52 week high, the damage may be limited.
13. Even in F&O, FIIs have bullish bet.
14. I will not be surprised if Nifty touches 8888 this week.
15. Remember 8888 was the freak trade high few days before.
16. This week, there will be lot of action.
17. We will be reacting to US Jobs data, RBI policy, Inflation data, IIP data, flood of corporate results throughout this week.
18. Nifty future should take support at 8680.
19. Resistance will be at 8820.