Market Report, February 10, 2017 | Stocks and Commodities

February 10, 2017
Time: 8.35 am

Market Report:

1. US markets closed higher.
2. Asian markets are all higher.
3. SGX Nifty is trading around 8830.
4. Yesterday morning there was severe profit booking, surprisingly Nifty future exactly took support at day before yesterday's low.
5. But Bank Nifty broke day before yesterday's low and due to the panic, Bank Nifty fell another 100 points.
6. But the fall was not follwed by any bad news and global cues were firm, so markets recovered.
7. Nifty in fact closed in Green thiugh Bank Nifty closed in Red.
8. PSU Banks are nervous ahed of key results SBI and Bank of Baroda.
9. So Bank Nifty will be volatile today also.
10. There are some othe key results also today like Bosch, GAIL, etc.
11. Sun TV was on fire yesterday as the script was in trading ban yesterday.
12. Short sellers in that script would have lost heavily.
13. Most retailers positions would have been squared up by brokers due to margin call.
14. So the script is out of ban today.
15. Today there will be lot of action as those who do hedging will come into the market with full force.
16. I intend to sell 700, 680 Put in SUN TV.
17. Nifty after reaching the resistance level has been consolidating as expected.
18. Nifty is likely to trade between 8500 and 9000 until the end of this expiry.
19. Nifty is likely to maintain positive bias as most corporate results are good.
20. India VIX is likely to cool down by the end of the day as most corporate results would be out.
21. Nifty future is likely to trade between 8780 and 8880.