Pre Market Report, September 8, 2017 | Stocks and Commodities

September 8, 2017
Time: 8.55 am

Pre Market Report:

1. US markets ended mixed.
2. That is because of local factors mainly due to Irma strom.
3. Asian markets started negative but recovered later.
4. Most Asian markets are positive.
5. Yesterday Hong Kong market fell about 300 points intraday and that had an effect here.
6. Nifty touched 9882, the exact high of Tuesday, then profit booking came.
7. As I mentioned yesterday, Bank Nifty was very volatile towards the end.
8. In a matter of few minutes, Bank Nifty swung more than 150 points.
9. Luckily it was after 3 pm and weighted average price favoured option sellers.
10. HDFC Bank has over 30% weightage in Bank Nifty and people play with HDFC Bank only after 3 pm.
11. Markets are likely to be rangebound with positive bias.
12. Last bad news came from North Korea on last Sunday.
13. So until this Sunday if there are no more bad news, then markets all over the world will start moving higher from next Monday.
14. The only hangover for world markets is North Korea issue. Once subsides, rally may resume.
15. For India, FII selling is a concern, which may also subside if North Korea issue subsides.
16. If everything goes well, we may test the all time high figure of 10138 in the second half of this series.
17. Usually we peak out around Deepavali.
18. For today, if Nifty future crosses 9882, the high made on Tuesday and Thursday, then Nifty future may reach 10020.
19. That will bring confidence to the bulls next week.
20. Nifty future may trade between 9920 and 10020.