Jan 06, 2021
Time: 8 am
Pre Market Report:
- US markets closed higher.
- But Asian markets are mixed.
- SGX Nifty is flat.
- For two Senate seats, counting is going on.
- So far, Democrates are leading.
- Many people ask me when can we expect complete results.
- That may take few days.
- That is because, up to Friday, they will accept postal ballots.
- But mostly postal ballots will favour Democrates.
- Moreover Republicans will not concede the defeat.
- President Trump is yet to concede the defeat, even after more than 2 months of US Elections.
- Coming back to our markets, day before yesterday, all sectors did well, except Banks.
- Yesterday Banks out performed.
- Bank Nifty shot up 800 points from intraday low to high.
- Axis Bank led the rally, by shooting up more than 6%.
- Reliance, as usual, under performed.
- Bajaj Twins are under performing for last few sessions.
- Bajaj Finance fell about Rs 300 from recent high.
- FIIs reduced their buying in Cash market to below Rs 1K crore.
- But DIIs also reduced their selling to below Rs 500 crores.
- IT stocks are in a firm bull phase.
- Yesterday 9 out of 10 IT stocks in IT index hit fresh all time high.
- Pharama stocks will be in focus today.
- Lupin got some US FDA observations.
- US FDA observations are big risks for Pharma stocks.
- Midcaps and small caps are likely to do better.
- HDFC Bank will be in focus as they have declared deposit growth and loan growth.
- Already Housing Finance companies are doing very well, HDFC hit fresh all time high yesterday.
- Keep an eye on US futures due to Georgia senate results.
- Nifty future may trade between 14120 and 14300.
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