Pre Market Report, August 4, 2017 | Stocks and Commodities

August 4, 2017
Time: 8.35 am

Pre Market Report:

1. US markets closed mixed.
2. But Dow closed again above 22000.
3. Yesterday investors in Asia decided to book profits as they thought profit booking will come in US when Dow hits 22000.
4. But that has not happened, Dow closed in Green for the 8th trading session in a row.
5. Here Bank Nifty fell about 400 points, worst fall in the last 9 months.
6. PSU Banks dragged the Bank Nifty, PNB fell 6%.
7. But I feel that this is a normal profit booking.
8. SGX Nifty is trading almost flat.
9. But Asian markets are not falling.
10. So there may be some intraday recovery.
11. But markets may be nervous ahed of Key US Jobs data today evening.
12. There are no key corporate results today.
13. The way markets are reacting to PNB results, SBI and Bank of Baroda results will be watched keenly.
14. That may come next week.
15. Bank Nifty has fallen 600 points from the high and I think the RBI policy disappointment has already priced in.
16. So Bank Nifty as well as Nifty may consolidate for few days before resuming the uptrend.
17. Mutual funds which are flush with money will be happy if there is some more correction.
18. Be prepared for a choppy and rangebound trade.
19. Nifty broke 10000 figure intraday for fraction of a second.
20. Let us see whether that holds today.
21. Nifty future should take support at 9980.
22. Resistance will be at 10080.