Pre Market Report, October 28, 2016 | Stocks and Commodities

October 28, 2016
Time: 8.30 am

Pre Market Report:

1. US markets closed marginally lower after a volatile session.
2. Asian markets are mixed.
3. SGX Nifty was up by 30 points yesterday night but now down by 40 points.
4. Yesterday FIIs have sold heavily in Cash market.
5. But DIIs continue to buy aggressively.
6. Towards the end of the last expiry Axis Bank and Tata Motprs brought down the markets.
7. Now most of the results are over except PSU BAnks like SBI, Bank of Baroda, PNB etc.
8. Markets will be nervous as we are heading to US election on November 8.
9. Yesterday I mentioned that there will be some sharp move toeards the end of the day and I expected that on the higher side.
10. That has exactly happened, Nifty recoverd 70 points from the low and Bank Nifty recovered about 250 points from low.
11. Bajaj Auto and NTPC will declare results today.
12. Today November series begins.
13. There are only 18 trading sessions in this series.
14. We have few more corporate results, US Fed meet, US elections and usual data flow like US jobs data, IIP, Inflation, PMI, monthly auto sales data, etc during this period.
15. I expect markets to be volatile befor US elections and bullish after that.
16. However US rate hike in December will keep the upside limit for bullishness.
17. So in my opinion Nifty is likely to trade between 8500 and 8900 in November series.
18. Today Nifty future may trade between 8580 and 8680.
19. Nifty cash should take support at 8550.