Pre Market Report, January 16, 2017 | Stocks and Commodities

January 16, 2017
Time: 8.40 am

Pre Market Report:

1. Asian markets are mostly lower.
2. SGX Nifty is trading around 8400.
3. On Friday, though Nifty fell, Nifty future was up.
4. Bank Nifty future is closed to 19000, closed almost at the high end of the day.
5. Axis Bank saved the day for Bank Nifty on Friday.
6. Infosys was very volatile and fell more than 7% from intraday high.
7. TCS fell despite good results, due to change in the leadership.
8. Today also IT stocks may be under pressure as Infosys fell 5% in US.
9. LIC Housing Finance and Reliance will be in focus as both companies set to declare results today.
10. DCB came out with good results on Saturday.
11. So far all banks that came out with results were good.
12. That expectation will continue in Axis Bank, Yes Bank and HDFC Bank as these banks will declare results this week.
13. OMCs will also be in focus as Petrol prices hiked over the week end.
14. Nifty may consolidate for third day today as global cues have not been good.
15. Sterling Pound hit a three months low.
16. But that may be good for Tata Mortors.
17. Maruti has shot up by Rs 1000 in the last few weeks.
18. So profit booking is not ruled out.
19. In my opinion, markets are likely to consolidate for the next few days and the rally is likely to resume after few days of consolidation.
20. Action is likely to pick up towards the end of the week.
21. Axis Bank, HDFC Bank results are likely to help Bank Nifty to move beyond 19000.
22. As we approach the end of expiry Budget expectation will rise.
23. Today Coal India, Reliance, PSU Banks, LIC Housing Finance will be in focus due to newsflow related to them.
24. Nifty future is likely to take support at 8380.
25. Resistance will be at 8440.