Pre Market Report, January 23, 2017 | Stocks and Commodities

January 23, 2017
Time: 8.30 am

Pre Market Report:

1. On Friday, our markets fell due to various reasons.
2. First it was bad results from Axis Bank.
3. Second, markets could not breakout even after consolidating for more than a week.
4. Third, Trump's inaguration on Friday night.
5. As expected, he spoke "Buy America, Hire America".
6. Most analysts expected severe reaction in the world markets for his sppech.
7. But this time world markets ignored his speech.
8. Asian markets are mixed with some markets like China and Hong Kong trading firmly in Green.
9. SGX Nifty is trading almost flat at 8365.
10. There was no selling by FIIs though markets fell on Friday.
11. So the downside may be limited from here though markets may be volatile due to expiry related issues.
12. Hindustan Unilever, Idea and Bharti Airtel, Wipro will declare results today and they are not going to be a game changer.
13. Most European and American futures are trading slightly lower.
14. Entire world is trading in sideways in January due to Trump's inaguartion.
15. Now that event is over, next few days we will see what kind of action he takes and what kind of sppeches he gives.
16. That will determone the direction for the world markets.
17. For now, IT and Pharma will be under pressure while Auto and Banks supporting the markets.
18. Kotak Mahindra Bank, Indian Bank, Karur Vysya Bank will declare results and that will affect the Bank Nifty.
19. BSE IPO opens today, markets will watching its subscription figures closely.
20. HDFC Bank will be in focus ahead of its results tomorrow.
21. Markets may be volatile but may trade within a range.
22. Nifty future should take a strong support at 8320.
23. Resistance will be at 8420.