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

November 24, 2017
Time: 8.35 am

Pre Market Report:

1. US markets were closed yesterday.
2. So no big global cues.
3. Yesterday China markets fell more than 3%.
4. That triggered a mini panic in our markets.
5. Nifty found resistance exactly at Monday's high.
6. Then fell nearly 80 points breaking previous day's low.
7. Yesterday Bank Nifty has under preformed Nifty.
8. Reliance and Infosys supported the Nifty.
9. Most private sector banks fell.
10. Our markets have been in consolidation mode for the last four days.
11. Today the big news will be S&P update on India's rating.
12. I do not know what time it will be released.
13. Most probably it will be after market hours.
14. Last week when Moody's update came, Nifty shot up by more than 100 points.
15. If there is any upgrade by S&P, on Monday there will be a big gap up.
16. Will that news trigger a short covering today towards the end of the day?
17. That is a billion dollar question.
18. Last one week Nifty has been trading between 10300 and 10400.
19. Breaking either level is the time to go long or short.
20. Today also US markets will be closed.
21. So European markets are likely to trade sideways.
22. Today's trade will be an interesting trade due to S&P update.
23. Nifty future is likely to trade between 10320 and 10400.