Pre Markport Report, July 10, 2017 | Stocks and Commodities

July 10, 2017
Time: 8.45 am

Pre Markport Report,:

1. US markets closed higher on Friday as US jobs report was very good.
2. Asian markets are mostly higher, particularly Hong Kong.
3. SEBI banned P Note money taking F&O positions, they are allowed only for Hedging.
4. This created some confusion and SGX Nifty fell to the low of 9625.
5. I will write a separate article about this P Note issue.
6. This P note issue is not significant news to bring the markets down.
7. Quickly people realised and SGX Nifty shot up by 60 points from intraday low.
8. Thank God, our markets are closed and we are not caught in the volatility.
9. Good Monsoon, Implementation of GST, Good corporate results, Political stability, Low interest rate economy, Very good global cues, what else you can ask for?
10. I am still bullish, expect Nifty to breakout this week.
11. But volatility will be there due to corporate results and key economic data.
12. Particulary this Thursday is going to be a big day.
13. On Wenesday evening TCS will declare results, Thursday morning Infosys, so Thursday morning these two index heavyweights will dominate the markets.
14. In addition, Thursday trade will have to factor in CPI Inflation data and IIP data which will be out on Wednesday evening.
15. While writing this, SGX Nifty is trading at 9690 which is about 25 points higher than Friday's close here.
16. IndusInd Bank will be in focus ahead of its results tomorrow.
17. Nifty future should take support at 9620.
18. Resistance will be at 9720.