Daily Report · July 24, 2020

Pre-market Report 24 July

  • Yesterday Nifty shot up mostly due to reliance
  • Reliance was up 60 points , apparently Amazon is now interested in Reliance retail.
  • Feels like only reliance is running indian stock market
  • Nifty PE (Price to earning ratio) is close to previous pre corona level of 28
  • Price always falls if this happens as valauation always catch up
  • US markets fell, Dow Jones was down 1.3%
  • Technology stocks led the decline
  • Apple , Microsoft, Tesla were all down more than 4%
  • Jobless claims data came bad than expected
  • Asian markets are down
  • SGX nifty is down 60 points
  • Yesterday HDFCbank and ICICI bank were strong
  • ICICI bank has results on saturday, very important if any negative surprise market may tank
  • FII were net buyers again at Rs. 1740 cr
  • ITC ,Asian Paints, JSW Steel has results today
  • Nifty may trade between 11000 and 11150, below this shorts will get strong
  • Bank Nifty 22600-23000