Pre Market Report, January 24, 2020 | Stocks and Commodities

January 24, 2020
Time: 8 am

Pre Market Report:

1. US markets ended mixed.
2. Asian markets are stabilising after huge sell off.
3. China markets closed for one week due to Chinese New Year.
4. SGX Nifty is lower by 30 points.
5. SGX Nifty usually follows Global cues.
6. But we may be in a surprise for a positive market.
7. Crude oil is down by another 3%.
8. Yesterday due to Axis Bank and L&T, markets stabilised.
9. But Reliance has fallen.
10. Bharti and IDEA will be in focus today as they do not have to pay AGR until further notice.
11. That may affect Reliance and I think that is the reason why Reliance fell yesterday despite overall market sentiment was good.
12. Yesterday Bank Nifty was very volatile.
13. Yesterday Nifty future took support exactly at previous day's low.
14. SO today if Nifty future crosses 12249, then there will be short covering.
15. But markets are likely to trade in a range ahead of ICICI Bank results tomorrow.
16. Budget expectations will be factored in markets fom now.
17. So far only positive news coming like personal income tax cut, abolition of DDT and LTCG.
18. So we may go for budget day trading with some positive mood.
19. Last few months, markets are consolidating.
20. So we can expect some big move after budget, if budget is good.
21. Nifty future may trade between 12110 and 12250, Wednesday's range.