Pre Market Report, Jan 8, 2021 | Stocks and Commodities

 Jan 8, 2021

Time: 8 am

Pre Market Report:

1. US markets closed significantly higher.
2. Asian markets are higher.
3. SGX Nifty is higher by 70 points.
4. Yesterday Nifty future found resistance around 14280.
5. Today SGX Nifty trades closer to that.
6. Yesterday, in last half an hour, there was selling in Banking stocks.
7. Reliance, under performed as usual.
8. IT stocks also came under profit booking ahead of TCS results.
9. Reliance, HDFC Bank, Kotak Bank under performed.
10. Together they are 25% of the Nifty.
11. That is why Nifty was looking weak.
12. But broader markets are good.
13. Sun TV which I recommended few weeks before is significantly up.
14. FIIs have turned net buyers after selling just for a day.
15. But their buying figure is not impressive.
16. People are just waiting for Corporate results.
17. Steel stocks are as strong as Steel.
18. Though spot prices are low, Futures are trading at significnat premiums.
19. Bank Nifty future is trading at more than 150 points premium to its spot price.
20. This kind of premiums are seen only in a firm bull market.
21. Finally India VIX was down a bit.
22. Option premiums fell on both sides.
23. Bank Nifty may out perform today as most banks are looking bullish, except HDFC Bank and Kotak Bank.
24. Nifty future may trade between 14180 and 14320.