Pre Market Report, January 24, 2017 | Stocks and Commodities

January 24, 2017
Time: 8.40 am

Pre Market Report:

1. US markets closed lower.
2. But Asian markets are mixed.
3. SGX Nifty is trading about 25 points higher.
4. FIIs were net sellers in Cash market for 288.80 crores.
5. DIIs were net buyers for 519.99 crores.
6. Though FIIs were net sellers in Cash market, they were net buyers in Stock Futures and Index Futures.
7. Few days before, I mentioned that I sold Nifty 8200 Put and 8600 Call. 
8. As I expected Nifty has been trading between 8200 and 8600.
9. Markets fell only on last Friday and that loss was wiped out yesterday, making the Nifty in consolidation mode for the last two weeks.
10. HCL Tech has declared better results.
11. Today HDFC Bank results will be a key event to watch.
12. If corporate results are good, then Nifty may again gather momentum and may head towards 8500.
13. However, the expiry related volatility will playout today and tomorrow.
14. Yesterday's recovery, despite weak global cues, shows that the momentum still intact.
15. Ajanta Pharma, Biocon, Wockhard, Tata Metalicks are some of midcap companies to declare results today.
16. Markets may be volatile, some small bank results and HDFC Bank results will influence the Bank Nifty.
17. Yesterday though Axis Bank and ICICI Bank fell, PSU Banks and other Private Sector Banks did well.
18. I expected Nifty to expire around 8500 and Bank Nifty around 19500, but now Bank Nifty will not go to 19500 due to bad results from Axis Bank.
19. Let us see whether Nifty moves towards 8500.
20. Nifty future may trade between 8380 and 8460.