This is the excerpts from my morning market view that is posted early in the morning in my blog. This is not a prediction or trading tip. This is an analysis of premarket macro narrative.
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Pre market analysis: 26 June 2020
Positives:
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Yesterday global markets rebounded from previous day sell off
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Economies continue to relax virus related restrictions further
Negatives:
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Both FIIs & DIIs booked profit yesterday.
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Virus is spreading faster and second wave is here.
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Tense situation India China border is dragging on.
Global Markets: -Rebound
European and US markets re bounded and retraced some of the losses of previous day’s sell off. The developed markets are still in consolidation range near the swing top achieved on second week of June. Other asset classes, both risk assets and safe haven assets traded in sideways. Gold held on to its break out although it reversed slightly yesterday. Volatility index cooled off from previous day.
ASIAN Markets this morning: - Still Consolidating
Asian markets opened the day in green and are trading sideways since then. The consolidation range near swing top is still holding. SGX Nifty is trading flat comparted to Nifty’s yesterday close.
Calendar Events:
There are no major economic event / data release scheduled today
India : -Consolidation
Both FIIs and DIIs used to the pull back in Nifty to book profit yesterday. NSE turnover was almost flat comparted to previous day. The advance decline ratio was better at 1.06X.
How will Nifty perform today? Lets check it out here
Disclaimer: Author is not responsible or liable, directly or indirectly, for any form of damages whatsoever resulting from the use (or misuse) of information contained in or implied by this posting. This should not be relied on as a source of financial, investment or trading advice. What works for one individual may not work for anyone else. Always consult and check with your financial advisor. I am an active trader therefore I have conflict of interest with whatever I have mentioned here.