Pre Market Report, July 13, 2020 | Stocks and Commodities

July 13, 2020

Time: 8 am

Pre Market Report:

1. Had a special workshop for US and Europe residents which went until 1 am.
2. That is why too tired and there is some delay in updating the blog.
3. We have restarted the registration for workshop.
4. You can register at www.workshop.prsundar.com
5. On Friday when our markets closed, US future were lower.
6. But later they turned around and closed in Green.
7. Asian markets are higher.
8. SGX Nifty is trading above 10800.
9. As I said earlier, 10850 - 10900 is a key resistance level.
10. Another investment comes to Reliance from Qualcomm.
11. On Friday both FIIs and DIIs were net sellers in Cash market.
12. FIIs have sold for little over Rs 1000 crores.
13. DIIs have sold for little over Rs 400 crores.
14. Some Optimism is coming from Corona Virus front.
15. Gilead said the results are encouraging for Corona Virus drug.
16. For last few days, Bank Nifty is up one day, down one day.
17. Today it is the turn of up day.
18. Last time when Nifty hit 10550, Bank Nifty hit 22500.
19. Later, Nifty fell to 10150, then shot up to 10800.
20. But Bank Nifty is still below 22500.
21. Private sector banks did not participate in the last leg of the rally.
22. But PSU Banks are looking very bullish.
23. SBI crossed Rs 200 intraday.
24. Infosys results are due tomorrow.
25. There will be some speculation in that counter.
26. TCS did not fall, despite not sp good results.
27. RBI Governor seems to be talking about PSU Banks recapitalisation.
28. So Reliance, Infosys, PSU Banks may be in focus today.
29. SGX Nifty is showing an indicative opening around 10840.
30. There will be one selling around this level.
31. If Nifty falls 5-, 60 points from intraday high, that will be time to take long positions.
32. If first one hour high is crossed in the afternoon, then markets will see further short covering.
33. In that case, next resistance will be only at 11000.
34. Nifty future may trade between 10740 and 10880.