Pre Market Report, October 17, 2016 | Stocks and Commodities

October 17, 2016
Time: 8.35 am

Pre Market Report:

1. US markets on Friday gave up most of the gain made intially after Yanet Yellen's comments.
2. So Asian markets are down.
3. SGX Nifty has been trading between 8560 and 8600.
4. Right now it is trading at 8580.
5. Some Asian markets are recovering and trading slightly in Green.
6. We have some good news like lower inflation, not so bad results from TCS and Infosys (both did not fall much after the results), good export data (exports were up second time in the last 24 months) etc.
7. At the same time there are some bad news also.
8. There is a news report that says there is US$10 billion unhedged positions by the banks and when FCNR redemption is coming this may create a ground for fast depreciation of Indian Rupee.
9. FIIs were net sellers for more than Rs 900 crores in Cash market.
10. But FIIs were not aggressive sellers in F&O market.
11. Ultra Tech cement will declare quarterly results today.
12. More key results will start from Thursday with Yes Bank and Reliance.
13. So markets will move to the global tunes in the first three days of this week.
14. Sentiment may be weak thoughout the day today as in the afternoon European markets are likely to open lower.
15. Nifty future will face resistance at 8620.
16. Support will be at 8550.
17. Today may be a narrow trading range.
18. Nifty spot 8500 to 8550 level is a key level as, (i) 100 DMA is there, (ii) Surgical Strike panic low is there and (iii) markets took support few times in that region.
19. Let us hope that that level is not broken.
20. Nifty will slide to 8400 if Nifty future breaks 8550.