Pre Market Report, August 10, 2020 | Stocks and Commodities

 August 10, 2020

Time: 8 am

Pre Market Report:

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