Pre Market Report, July 24,tock Futures. 2017 | Stocks and Commodities

July 24, 2017
Time: 8.30 am

Pre Market Report:

1. US markets closed mixed on Friday.
2. Dollar index is lower.
3. Asian markets were lower mostly before 7 am.
4. SGX Nifty also traded lower by 30 points before 7 am.
5. After 7 am, China and Hong Kong opened positive and other Asian markets also started recovering.
6. SGX Nifty has also recovered and now trading around 9220.
7. On Friday, FIIs and DIIs were both net buyers in Cash market.
8. In F&O, FIIs were net buyers in both Index Futures and Stock Futures.
9. There was a buying of Index Futures and Stock Futures worth Rs 1200 crores by FIIs.
10. This shows clearly that the sudden fall on Friday was the work of some of these people. They created panic first by putting huge sell oreder, once the panic has come, they started covering their shorts.
11. This week is going to be very crucial as many top companies set to declare results.
12. In fact about 35% of the Nifty weightage stocks will declare results this week, like HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, L&T, Maruti, Asian Paints, etc.
13. All the more important is the Bank Nifty as 4 key private sector banks will declare results.
14. So I am more bullish than bearish.
15. Any dip is a buying opportunity for a target of 10000 in Nifty.
16. Any dip, I am planning to close my Call options.
17. In fact if any panic comes like Friday, I am even prepared to buy Call options.
18. Highest open interest is at 9800 Put and 10000 Call.
19. So we can expect arange of 9750 to 10050 for next four days.
20. But corporate results may change that equation.
21. Nifty future is likely to trade between 9880 and 9960.
22. HDFC Bank results is a key event to watch today.