Pre Market Report, November 10, 2017 | Stocks and Commodities

November 10, 2017
Time: 8.50 am

Pre Market Report:

1. Yesterday our markets came under pressure because Dow future were down as two states have gone in favour of Democrates.
2. FIIs have created huge short positions in F&O yesterday. They have also sold in Cash market for a significant amount.
3. But expiry related issues came to play and DII buying in late afternoon also triggered short covering.
4. Otherwise, yesterday Nifty broke day before yesterday's level.
5. For the last three days, Nifty is breaking the previous day's low.
6. Usually bull market corrections are fast and furious and last only for few days, most of the time 3 to 4 days only.
7. We need to see how Nifty performs today.
8. Dow recovered almost two thirds of its losses by the end of the day yesterday.
9. Tata Motors came with very good set of results.
10. Auro Pharma also beat street estimates.
11. So corporate results are not as bad as anticipated.
12. Today markets may be nervous due to bad Global cues and GST Council meet today evening.
13. HDFC Life IPO though subscribed well, retial response was very poor.
14. Retail people are skipping big issues with high pricing.
15. SGX Nifty hit almost 10300 yesterday night but now trading around 10330.
16. This correction is a healthy one, this will form the basis for next leg of upmove.
17. SBI rsults will keep Bank Nifty volatile today.
18. There are some small PSU Bank results also.
19. We started the correction before Global markets, let us see whether we end the correction also before world markets.
20. Nifty future should take support at yesterday's low.
21. There will be resitance at 10420.