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

October 4, 2017
Time: 8.35 am

Pre Market Report:

1. US markets closed at all time high again.
2. Dow was up for 5 consecutive days and S&P 500 was up for 6 consecutive days.
3. Asian markets are mostly higher.
4. Hong Seng is up nearly 300 points after rising 565 points yesterday.
5. But our market is not keeping up the momentum.
6. Every rise is met with selling pressure.
7. Bank Nifty needs to cross 24270 which is a good resistance.
8. Nifty needs to cross 9920, which is 50% retracement of the downfall from 10150 to 9700.
9. Govt. cut excise duty on petrol and diesel by Rs 2.
10. This may be positive for Auto stocks but negative for overall market.
11. Some people say GDP will be down by 0.16 points just because of this excise duty cut.
12. Economic data has already been bad. But Infrastructure Output data that came yesterday was positive.
13. Auto sector will be positive.
14. Resistance will be at 9920.
15. Markets will be volatile ahead of RBI policy.
16. Bank Nifty may out perform at the end of the day.
17. India VIX is likely to move lower after 3 pm.
18. If any pleasant surprise in RBI move (especially after Petrol price cut), Bank Nifty will move to 24400.
19. So expect a volatile day with positive bias.