Pre Market Report, July 22, 2020 | Stocks and Commodities

July 22, 2020

Time: 8 am

Pre Market Report:

1. US markets closed mixed.
2. Nasdaq was down but Dow up.
3. But Asian markets are trading mostly flat with negative bias.
4. SGX Nifty is down by few points.
5. Yesterday as expected Bank Nifty did very well.
6. Reliance also supported the market.
7. IT came down little bit.
8. ICICI Bank did well, but HDFC bank did not do well proportional to ADR.
9. Nifty future found resistance at 11180 as expected.
10. After market hours, HUL and Axis Bank came out with results.
11. Both results seems to be good.
12. Though trade with very little liquidity, Axis GDR is up by 10%.
13. So Axis may open 4 to 5% higher.
14. Bank Nifty may touch 23000 by today or tomorrow.
15. FIIs have bought for over Rs 2500 crores in Cash market.
16. DIIs sold over Rs 750 crores in Cash market.
17. L&T and Bajaj Auto will declare results today.
18. Yesterday both Nifty future and Bank Nifty future traded at premium over their corresponding spot prices.
19. Market set up looks bullish.
20. At the same time, some profit booking is not ruled out.
21. We have to be cautious in the region 11200-11300.
22. Earlier I said, if Nifty crosses 10850, 11200 will come very fast.
23. 11180 has come within 3 trading sessions.
24. Earlier people who have sold 11000CE shifted to 11500CE.
25. Usually people shifty only by 200 points, this time, they have shifted 500 points.
26. That shows the bullishness of the market.
27. Reliance has to be watched keenly ahead of its Friday evening results.
28. Just now news came that results postponed to July 30, that is just after expiry.
29. So IV may go down for this expiry.
30. Nifty future may trade between 11080 and 11220.