Pre Market Report, July 23, 2020 | Stocks and Commodities

July 23, 2020

Time: 8 am

Pre Market Report:

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2. US markets closed marginally higher.
3. Asian markets are mixed.
4. SGX Nifty is slightly higher.
5. Yesterday, everything was going well.
6. Since Nifty shot up from 10800 to 11200 within few days, any bad news, there will be profit booking as well as shorting.
7. That is what happened yesterday.
8. The news broke that China Embassy was ousted from Houston.
9. That created mini panic.
10. Nifty fell more than 100 points and Bank Nifty fell more than 300 points.
11. Then within an hour, markets started recovering.
12. FIIs seems to be buying on dips.
13. Bank Nifty closed 100 points higher while Nifty was down by about 30 points.
14. Since morning, HDFC Bank was weak, recovery came in that stock in the last hour, that helped Bank Nifty.
15. Another important stock to watch, Reliance, shot up above Rs 2000 as results postponed.
16. L&T came out with results, so that stock will also be in focus.
17. BIOCON will declare results today.
18. Tomorrow ITC, Asian Paints, JSW Steel are some of the key companies set to declare results.
19. I am planning a strategy in ITC which either I will do a video or give in Twitter.
20. FIIs have bought for Rs 1666 crores in Cash market.
21. DIIs have sold for Rs 1139 crores in Cash market.
22. As long as FIIs are buying more than DII selling, markets should move higher or consolidate.
23. The problem is too sharp up move in few days time triggers panic when there is a bad news.
24. Nifty is likely to consolidate between 11000 and 11200 for next few days.
25. We need further news flow to move the markets beyond this range on either side.
26. IT stocks corrected yesterday. ITC was up ahead of results.
27. HDFC Bank will decide whether Bank Nifty will cross 23K or not today.
28. Going by the price movement yesterday and FII data, HDFC Bank should not fall.
29. Expect a volatile expiry as markets are trading at resistance zone.
30. Yesterday I expected Nifty future to take support at 11080, but due to Houston news, it broke that level, though momentarily.
31. Nifty future may trade between 11080 and 11220.