Pre Market Report, August 24, 2017 | Stocks and Commodities

August 24, 2017
Time: 8.25 am

Pre Market Report:

1. US markets closed lower after Trump's comment about US Govt. shutdown.
2. But Asian markets are not falling.
3. The fall in US is seen as fall due to local cues.
4. SGX Nifty is also trading slightly higher.
5. Our markets are not following global cues.
6. Yesterday Nifty future broke the day's low of 9800 and then immediately shot up by 75 points.
7. Infy ADR is up by 4% and this development may support Nifty at lower levels.
8. Bank Nifty expiry will keep markets volatile.
9. PSU Banks started recovering from the lows.
10. ICICI, Axis and HDFC Bank also looking strong.
11. Reliance and ITC are also consolidating.
12. So Nifty is likely to take support at 9800 for this series.
13. If 9880 is crossed and trades above 9880 for 10 to 15 minutesthen further short covering will set in.
14. I will not be surprised if Nifty closes between 9900 and 9920 today.
15. If that happens, then markets may resume the uptrend next week.
16. Option buyers should exit when there is momentum or must keep trailing stoploss.
17. There was huge buying at 9800 Put both in this series and next series, they are all set to lose.
18. After two days of mismatch between FII selling and DII buying, yesterday DII buying was matching FII selling.
19. FIIs continue to buy heavily in Index futures for third day.
20. Ahead of three day weekend, markets are likely to make sharp moves towards the end of the day.
21. This coupled with Bank Nifty expiry will make last one hour trade very interesting.
22. Nifty future is likely to trade between 9840 and 9920.