Pre Market Report, Feb 3, 2021 | Stocks and Commodities

 Feb 3, 2021

Time: 8 am

Pre Market Report:

1. US markets closed higher.
2. US Futures are also higher.
3. Amazon and Alphabet (Google) declared very good results after market hours.
4. Alphabet is up about 6% in after market trades.
5. However Amazon is not showing such an enthusiasm as its CEO will step down.
6. Asian markets are mostly higher.
7. Hong Kong is down.
8. That is why SGX Nifty has given up about 30 points from its gain.
9. May be due to Alibaba sentiment.
10. Alibaba share is down by more than 4%.
11. Alibaba declared that its Cloud business has turned profitable for the first time.
12. So it is a classical case of "Buy on Rumour and sell on News" playing out.
13. Coming back to our markets, yesterday's trade was exactly same as Sep 23, 2019 trade.
14. Second day of Nirmala Candle, markets gap up, DII sold and there was intraday fall, then markets closed in Green.
15. Yesterday Bank Nifty fell almost 1000 points intraday.
16. In 2019, markets consolidated after two days of significant rise.
17. Now, we are trading very close to all time high.
18. There may be some severe profit booking once all time high is taken out.
19. Nifty from 2021 high to low in one week and from low to high in just 2 days.
20. Reliance, HDFC Twins, ICICI Bank contributed to Nifty the most.
21. HDFC came out with not so good results, still it was up 3%, but closed more than 100 points lower from intraday high.
22. SBI is doing very well ahead of its results on Tursday.
23. Reliance was the main reason why markets were firm, Reliance was up more than 80 points from intraday low to high.
24. We are likely to hit all time high today.
25. Last time, Bank Nifty was hugely under performing, this time, it is hugely out performing.
26. Now other sectors are also joining the rally, yesterday it was the turn of Autos.
27. Tata Motors shot up 16% and all other Auto stocks have done very well.
28. Auto index was the best gainer yesterday.
29. Only IT sector is not doing well.
30. If that also joins the rally, we can expect Nifty to touch 15K this month.
31. Nifty future may trade between 14680 and 14820.
32. FII buying of more than Rs 6K crores in Cash market indicates that the downside is limited.