Pre Market
Report:
YESTERDAY VIEW:
1)
US markets closed lower. But Asian markets are
not following US.
2)
Yesterday I mentioned that after a huge rally,
markets are likely to consolidate for next few days.
3)
RBI news lifted Bank Nifty, particularly PSU
Banks. If not for this news, Nifty would have ended flat.
4)
Yesterday markets were volatile but range bound.
TODAY: NO NEWS
5)
Most Asian markets are marginally higher.
6)
Right now it is buy on dip market.
7)
Nifty is likely to struggle between 11100 and
11200 due to 200DMA.
8)
Nifty 11200CE has huge OI and that is likely to
be resistance until expiry.
9)
Nifty 11000PE added huge OI and that is likely
to be support.
10)
Despite huge moves, Reliance has not been
moving.
11)
That may limit upside for markets along with TCS
and Infosys.
12)
This time Govt is playing very smart.
13)
They say they will announce two more measures in
next two weeks, to keep short sellers at bay.
14)
FII selling is attributed to MSCI rebalancing.
15)
Once that is over people believe FIIs will turn
buyers.
16)
Expecting that short covering is seen in FII
related counters.
17)
HDFC shot up nearly Rs 150 in two days.
18)
HDFC Bank, ICICI Bank, Axis Bank all looking
good.
19)
If everything goe well, markets may consolidate
around 200DMA for few days and then may head towards 11400-11500.
20)
But that is assuming there is no further
escalation of trade war.
21)
For September, will take view after seeing US
and Indian GDP data in the next few days.
22)
I am taking bullish view and taking long
positions on every dip.
23)
Nifty future may trade between 11060 and 11200.
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