Pre Market Report, June 29, 2017 | Stocks and Commodities

June 29, 2017
Time: 8.15 am

Pre Market Report:

1. I could not write "Pre Market Report" yesterday as I was too busy with some other work.
2. Last week I mentioned that if markets trade within a narrow range, in the last three days, it will break out or break down.
3. Markets broke down on Tuesday. Bank Nifty fell the most in last 6 months.
4. Bank Nifty fell nearly 600 points from intraday high on Tuesday.
5. Though markets fell on Tuesday, markets did not extend the fall yesterday.
6. That is a big positive for bulls.
7. Yesterday's low was nearly same as day before yesterday's low.
8. It did not break day before yesterday's low.
9. Today SGX Nifty trades higher than yesterday's high here.
10. I expect Nifty to trade between 9500 and 9550 in the first half of the session.
11. If 9555 crossed, then there may be good short covering that may take Nifty to 9580 - 9600 levels.
12. On the other hand, if Nifty falls below 9490, then markets may fall drastically.
13. So expect a rangebound trade in the morning and sharp move on either iside in the afternnon.