Pre Market Report, July 20, 2020 | Stocks and Commodities

July 20, 2020

Time: 8 am

Pre Market Report:

1. Register for the workshop at www.workshop.prsundar.com
2. Nifty saw huge short covering in the last hour on Friday.
3. Nifty broke 10850 resistance.
4. US markets also closed higher on Friday.
5. But Global sentiment is not good right now.
6. Asian markets are mostly flat to negative.
7. European and US futures are also down.
8. SGX Nifty is down by about 50 points.
9. Japanese exports down.
10. China is up ahead of their Prime Rate announcement.
11. Another key thing to watch is the result of Corona Virus vaccine test by Astrazenica.
12. Coming to our markets, HDFC Bank came out with results on Saturday.
13. This week is going to be very important for Bank Nifty.
14. Axis bank and ICICI Bank results are due this week.
15. Bajaj Finance, Bajaj Fin Serve, Bajaj Auto, ITC, L&T, Reliance, ACC are some of the key earnings this week.
16. Few days before, top 5 gainers were from IT sector.
17. On Friday, 4 out of 5 top gainers were from Oil and Gas.
18. Reliance saw good short covering along with HDFC Bank.
19. FIIs have bought for about Rs 700 crores.
20. DIIs have sold for about Rs 200 crores.
21. FIIs seems to have taken bullish view in F&O.
22. Today AGR case in Supreme Court may bring some volatility in the afternoon.
23. Markets were volatile in the past as and when the AGR case was taken up by Supreme Court.
24. Though Global cues are negative, remember we have not been following Global cues for the last few days.
25. So any dip should be a buying opportunity.
26. I will stay bullish as long as 10850 is not broken on the downside.
27. After huge volatility between 10550 and 10850, Nifty broke out.
28. So logically, last resistance of 10850 becomes the support now.
29. Bank Nifty will be in focus.
30. Nifty future may trade between 10820 and 10980.