Pre Market Report, January 16, 2010 | Stocks and Commodities

January 16, 2010
Time: 8 am

Pre Market Report:

1. US markets closed moderately higher.
2. Dow closed above 29K.
3. Asian markets are mostly flat with positive bias.
4. Here Large Caps are falling while mid caps and small caps are doing very well.
5. Bank Nifty hugely under performed led by IndusInd Bank.
6. YES Bank meanwhile came out of trading ban just for a day and again gone in for trading ban.
7. Last hour short covering minimised the damage.
8. Nifty shot up 70 points from intraday low to intraday high.
9. SGX Nifty is showing about 20, 25 points lower.
10. FIIs turned net buyer but the figure is not impressive.
11. FIIs bought for Rs 280 crores while DIIs sold for Rs 648 crores.
12. Trading range continue to be 12000 to 12500 for this series.
13. HCL Tech, TCS, Reliance will declare results tomorrow.
14. HDFC Bank will declare results on Saturday.
15. Reliance is down by almost Rs 100 from recent high.
16. So we can expect some short covering rally ahead of its results tomorrow.
17. Nifty may consolidate and take some direction only next week.
18. Crude oil is lower.
19. Yesterday in the morning only Real Estate index was higher.
20. Later many other sectors joined.
21. Auto stocks did very well.
22. Tata motors crossed Rs 200, Maruti nearing Rs 7500.
23. This month I suggested Ashok Leyland 75PE, JSW Steel 260PE, Maruti 7000PE, all are doing well.
24. Metal stocks doing very well, just one or two weeks before I bought Nalco at Rs 42, yesterday it crossed Rs 48.
25. That is more than a lakh profit in less than a month.
26. This series I have huge quantities of long positions in Kotak Bank at Rs 1695 and Reliance at 1515. 
27. Kotak is slightly in loss and Reliance slightly in profit.
28. Expect resistance for Bank Nifty at 32000 and Nifty at 12380.
29. Expect support for Bank Nifty at 31600 and Nifty 12280.
30. These are spot levels, not future levels.