Time: 8 am
Pre Market Report:
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- US markets closed mixed on Friday.
- Asian markets are also mixed.
- Singapore and Japan markets are closed.
- Hong Kong has been weak for the last few days, Hone Seng index has lost more than 1000 points in last 3 days.
- But here in India, today it is all about Supreme Court AGR Case.
- IDEA, despite coming out with very bad set of numbers, shot up about 15% from intraday low.
- IndusInd Bank, which lent lot of money to IDEA, also shot up.
- So markets are expecting favourable ruling from Supreme Court.
- So stocks like IDEA, Bharti Airtel, IndusInd Bank will be in focus.
- The timing of ruling is not known, we need to watch news channels closely.
- IDEA has come under trading ban.
- So the focus will shift to proxy plays like Bharti and IndusInd Bank.
- For a while Reliance may take a back seat.
- Bank of Baroda, Titan, Power Grid will declare results today.
- Bank of Baroda will declare after market hours, results are expected to be good.
- I sold 40PE in Bank of Baroda few days before.
- Cipla and Divis Lab both declared very good results during the weekend.
- So Pharma stocks will also be in Focus, most of them are already at highs.
- Auro Pharma will be in focus ahead of its results.
- SGX Nifty is almost flat.
- Markets are expected to be sideways and likely to make a big move only after AGR case verdict.
- FIIs were net buyers for Rs 397 crores and DIIs have sold for Rs 439 crores.
- RBL Bank shot up by about 10% on Friday which will be in focus today.
- Bank Nifty will also be in focus.
- If Bank Nifty crosses 22000, then there will be further up move towards 23000 positionally, this is not intraday view.
- I am maintaining some short positions in Bank Nifty but safe until 23500.
- While writing the blog, SGX Nifty is moving higher and trading higher than Friday's high.
- Price action seems to favour positive news from Supreme Court.
- Nifty future may trade between 11120 to 11380. (The range is so wide due to AGR Case)
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