Pre Market Report, July 17, 2020 | Stocks and Commodities

July 17, 2020

Time: 8 am

Pre Market Report:

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2. US markets closed negative.
3. But Asian markets are higher.
4. SGX Nifty is up by 80 points.
5. For the past few days, both FIIs and DIIs were net sellers.
6. That is the reason why short sellers became very active.
7. Yesterday our markets shot up despite negative Global cues.
8. Kotak Bank shot up from 1266 to 1328 intraday.
9. Bank Nifty saw good short covering, which I predicted and posted in Twitter.
10. Reliance is consolidating.
11. IT stocks leading the rally now.
12. Markets have been trading between 10580 and 10850 with huge volatility.
13. After relentless selling in Cash market, yesterday DIIs have turned net buyers.
14. They have bought for Rs 1659 crores.
15. But FIIs have sold for Rs 1091 crores.
16. That is why, despite not so strong Global cues, SGX Nifty is trading more than 80 points higher.
17. We also have to remember Nifty future was at 40 point discount yesterday.
18. Today that can turn into 20 points premium and tat alone can contribute 60 points to Nifty future without any move in Nifty.
19. Infosys shot up more than 30% in last 10 days.
20. Yesterday at some point, it was up 15%.
21. I am struggling to manage my Infosys positions.
22. Markets may consolidate between 10600 and 10850 for next few days.
23. US is planning another stimulus.
24. For the next few weeks, that would be the talk of the town.
25. Dow, after falling for 2 days, now futures are higher.
26. Nasdaq under performed.
27. With DIIs turning net buyers, that too for huge amount, we can assume that 10600 will the floor in the short term.
28. We have to see if there is any slght up move in Reliance.
29. Banking may continue to do well.
30. Since Bank Nifty has fallen 2000 points, 1000 point recovery to 22000 is not ruled out.
31. Nifty future may trade between 10700 and 10850.