Time: 8 am
Pre Market Report:
- US markets closed higher.
- But Asian markets are mixed.
- SGX Nifty is down, trading around 10230.
- In July series, markets are not going anywhere.
- In fact, there are signs of weakness.
- Yesterday, for the first time, Reliance fell below 1700, after crossing 1700 two weeks before.
- Though on a closing basis, it is above 1700, still it is not a good news.
- Yesterday, the top 2 index heavy weights, Reliance and HDFC Bank, both fell.
- Expected some short covering ahead of PM speech, that has not happened.
- PM speech, may be non event or negative.
- There was no proposal for lifting the lock down in his speech, that can be taken as negative by markets.
- FIIs have sold for Rs 2000 crores in Cash market.
- That is one of the highest figures in recent weeks.
- But DIIs have bought for Rs 2020 crores, more than what FIIs have sold.
- Core Sector growth data came yesterday, that was better than previous month, still in deep negative.
- Please be aware that there is a fake Telegram channel in my name, promoting some advisory companies, we are in the process of taking action against them.
- We do not promote anyone in our original channel.
- Today monthly auto sales data will be coming, expected to be better than last month.
- Monsoon is good, we can expect good sales in Tractors and Two wheelers.
- Now markets look slightly bearish, who knows shorts will cover only when things look bearish.
- For the last many weeks, Wednesday trade has been very high volatile.
- Asian markets are generally positive but SGX Nifty is negative.
- For the last two days, my prediction has been going wrong for Nifty future levels.
- The next important data is US employment data, which is due tomorrow.
- US is expected to add 3 million jobs.
- Keep watching Reliance and HDFC Bank for market trend.
- Nifty future should take support at 10160.
- Resistance will be around 10360.
- Bank Nifty broke 21000 and recovered few times.
- Bank Nifty should take support at 20800.
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