Pre Market Report, Feb 1, 2021 | Stocks and Commodities

 Feb 1, 2021

Time: 7.45 am

Pre Market Report:

1. Asian markets are positive.
2. This positivity comes after 5 days of losses.
3. US Futures also recovered a lot from day's low.
4. SGX Nifty recovered almost 100 points in last 45 minutes.
5. However China markets are down.
6. China Manufacturing PMI came lower than expected.
7. That could be a reason for weakness in China markets.
8. India GST collections for the mont of Jan 2021 is Rs 1.2 lakh crore.
9. This is a record collection and 5K crore more than last month.
10. So surely Economic data looking better.
11. We will get Monthly Auto sales data and Manufacturing PMI data today.
12. But markets may not worry about these numbers.
13. Budget is the biggest event today.
14. Option premiums are very high due to Global cues and Budget.
15. Since markets are recovering all over the world, after 5 days of sell off, some short covering may happen.
16. But meaningful short covering will happen only after US markets trade positive at least for a day.
17. Even now US futures are down.
18. German futures turned slightly positive.
19. We need to watch Budget carefully for any positive or negative news.
20. My opinion is that even if budget is negative, markets may not fall much.
21. Nifty future may take support at 13400.
22. But in case if budget is positive, along with improved Global cues and short covering, Nifty can cross 14K.
23. Remember, Nifty future fell from 13935 in last half an hour only.
24. Over the weekend many companies have declared good results.
25. Let us hope for best.