Daily Report · August 7, 2020

Pre Market report 07 Aug

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  • As expected, markets were volatile yesterday due to RBI monetary policy desicion.
  • RBI kept status quo unchanged citing inflation concerns.
  • But there was no talk of restructuring and moratorium.
  • Bank nifty couldn’t cross 22k and fell back to 21500.
  • Gold and silver coninuing with their rally, silver touched $30.
  • RBI announced measure for change in Gold LTV ratio from 70 to 90%.
  • Initially NBFC’s Manappuram and Muthoot reacted positively but it was clarified that it was only for banks. they crashed after that.
  • Today Jobs data will come in US.
  • US markets closed higher but futures are slight down.
  • SGX nifty is slightly down too.
  • Circuit limits in lot of mid and small caps was changed to 20%, small and mid caps could rally.
  • FIIs were net buyers for Rs 637 crores while DIIs sold for Rs. 468 crores.
  • All major stocks Reliance, HDFC bank, SBI, ICICI bank have been consolidating now with good supports.
  • We may see good flight upwards from here if these supports are not broken.
  • Nifty may trade between 11100 to 11250.
  • Bank nifty 21500- 22000.