Pre Market Report, June 8, 2017 | Stocks and Commodities

June 8, 2017
Time: 8.15 am

Pre Market Report:

1. US markets closed higher after Comey's testimony which was less damaging than expected.
2. US markets closed at the highest point of the day.
3. Asian markets are mostly flat.
4. SGX Nifty is also flat, trading around 9680.
5. Yesterday Bank Nifty broke out despite status quo in RBI policy.
6. But Nifty did not break out as IT stocks fell.
7. In fact the broader markets were down considerably before the policy.
8. So broader markets are in consolidation mode for the last two weeks.
9. ICICI Bank and Reliance lifted the Nifty by 17 points.
10. TCS and Infosys dragged the Nifty by 17 points.
11. Nifty 9600, 9500 and 9400 Puts have open interest of above 60 lakhs.
12. Due to the range bound trading for the last two weeks, Nifty 9700 Call also has the highest open interest among Calls.
13. Markets are likely to trade between 9500 and 9800 for the next few weeks.
14. FII and DII buying were not that great, so yesterday's move was just by speculators.
15. So the rally may fizzle out today and markets may need another trigger to breakout.
16. Bank Nifty weekly options expiry may bring volatility to the banking stocks.
17. Real estate and Housing Finance stocks may be in focus after RBI policy.
18. Nifty future may trade between 9640 and 9720.