Pre Market Report, July 14, 2020 | Stocks and Commodities

July 14, 2020

Time: 8.15 am

Pre Market Report:

1. US markets hit fresh highs on the hope of Vaccine.
2. But in the second half, came under profit booking.
3. Dow ended flat while Nasdaq and S&P 500 ended in negative.
4. Asian markets are down.
5. SGX Nifty hit 10890 in Singapore yesterday night but now trading around 10760.
6. Nifty is finding huge resistance between 10800-10900.
7. Yesterday IT and Reliance did well but Bank Nifty was very weak.
8. Bank Nifty has fallen 1000 points from the high in last 3 trading sessions.
9. HDFC Bank was very weak.
10. Now there is a report in CNBC that there is some problem.
11. Two top level executives in Auto loan section has left the Bank.
12. They say it is conflict of interest and there will be no effect in Auto loan book.
13. Yesterday Reliance was up due to Qualcomm investment.
14. Today it may consolidate ahead of AGM.
15. Today HDFC Bank will be in focus due to this news.
16. Today evening Infoys results will be out.
17. So that stock will also be in focus.
18. It is trading close to 52 week high.
19. FIIs turned net buyer in Cash market.
20. But DIIs continue to sell in huge quantities.
21. Yesterday's low is important. But SGX Nifty is already there.
22. Markets may take support at yesterday's low as log as there is damage in HDFC Bank.
23. In US also key Banks earnings are due this week.
24. So this week will be the week of earnings.
25. Since US markets were higher significantly, profit booking ahead of results is normal.
26. Nifty future may take support at 10720.
27. Resistance will be at 10880.
28. Now short term top has been made.
29. We need some strong news flow, may be related to Corona Virus, to break 10880.
30. China GDP data, Europe Central Bank meet, Key Banks Earnings in US, Reliance AGM, Infosys results, etc are the key things to watch.