Pre Market Report, October 7, 2020 | Stocks and Commodities

 October 7, 2020

Time: 7.45 am

Pre Market Report:

1. US markets closed lower.
2. Trump halted Stimulus talks.
3. Now he says, Stimulus will be only after elections in November.
4. But Asian markets are not reacting too badly.
5. Some Asian markets are even positive.
6. SGX Nifty is trading around 11700.
7. Yesterday markets shot up in last one hour.
8. Nifty fell from 11800 to 10800 in September series.
9. In October series, so far only 7 trading sessions are over.
10. Nifty has already gone up from 10800 to 11700.
11. This is a V shape recovery and lot of Option sellers are struggling.
12. FIIs have turned net buyers in Cash market.
13. Yesterday also they have bought for about Rs 1000 crores.
14. Day before yesterday, it was TCS that took the markets higher.
15. Yesterday, it was HDFC Twins.
16. Today we do not know which one will move markets.
17. In this recent rise of 900 points, Reliance has under performed.
18. This under performance comes despite a large number of investments flowing to Reliance Retail.
19. Who knows, Reliance has the tendency to make a big move when nobody expects it.
20. Nifty is just 100 point below recent high of 11800.
21. But Bank Nifty is still more than 2000 points away.
22. If Bank Nifty moves another 1000 points, Nifty can test 12000 easily.
23. It all depends on corporate results.
24. Today we begin corporate results season with TCS declaring results after market hours.
25. While writing this blog, US futures turned positive.
26. ITC fell 15% but has not recovered at all.
27. Time to be cautious on long side.
28. We are in the resistance zone of 11700-11800.
29. But if Reliance starts performing and if Banks come out with good results, then 12K is possible for Nifty.
30. Today Nifty future may trade between 11620 and 11780.