Pre Market Report, July 18, 2017 | Stocks and Commodities

July 18, 2017
Time: 8.25 am

Pre Market Report:

1. US markets closed mixed.
2. Asian markets are also mixed.
3. SGX Nifty is down by about 20 points, now trading at 9915.
4. SGX Nifty hit a low of 9901.
5. In addition to slightly weak global cues, people are not seeing huge short covering in F&O, going by the FII F&O data.
6. Yesterday market breakout was stopped by ITC.
7. ITC alone contributed 27 points to Nifty negatively.
8. There is an increase in Cess for ciggaratte companies by GST Council and this is how India works, chenges its mind within 3 weeks of GST implementation.
9. Whatever reason given now was true even last month, then why they did not implement from day one? Who is going to ask them.
10. This kind of false hopes and disappoitments every now and then make stocks volatile in the stock market.
11. Despite the setback in ITC, markets closed with respectable gains.
12. Markets will consolidate for next few days, the action will be from this Thursday to next Thursday.
13. Starting this Thursday, everyday there is one bank result.
14. This Thursday Kotak Bank, Next Monday HDFC Bank, Tuesday Axis Bank, Wednesday Yes Bank, Thursday ICICI Bank all index heavy weights. 
15. Only this Friday, Indian Bank result is there, which is not an index heavyweight.
16. There are few small banks also declaring results during this period.
17. Then this Thusday evening Reliance will declare results which is expected to be good.
18. Kotak Bank though will declare results on Thursday, weekly expiry in Bank Nifty will play its role.
19. So the real action will begin from this Friday.
20. So far, the stocks that declared quarterly results, are doing well.
21. By this Friday, option premiums will also collapse, option writers will book profits and let the market decide its course.
22. If the results are good, Nifty may touch the magical figure of 10000.
23. We need to see how ITC reacts today to the news and we need to see the collateral damage to Nifty.
24. As long as Nifty is trading above 9880, I will stay bullish.
25. Today Nifty future may trade between 9880 and 9960.