Pre Market Report, November 3, 2016 | Stocks and Commodities

November 3, 2016
Time: 8.45 am

Pre Market Report:

1. US markets closed lower despite no action from Fed.
2. Election fear is dominating the markets.
3. Most Asian markets are stabilising but some are falling more than 1%.
4. SGX Nifty is trading below 8500 which is a very bearish sign.
5. On October 17, Nifty took support at 8506.
6. Yesterday that level was broken and Nifty hit a low of 8504 and then recovered and closed at 8514.
7. But today, if SGX Nifty is any indication, Nifty is likely to open around 8480.
8. Last time Nifty traded below 8500 was in July.
9. So we will be trading at 5 month low today.
10. Infosys has lost about 30% in the last few months.
11. Reliance has lost 15% in the last few months.
12. As I said earlier, markets may revive only in January 2017.
13. Markets will be highly volatile for the next few days.
14. There are no important corporate results to add to the volatility.
15. I expect markets recover in the second half of the session as DIIs buying aggressively.
16. So be ready for roller coaster ride.
17. But this is the last chance for investing in Cash market.
18. One can invest in Pharma, IT stocks and Reliance at this level.