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.
Global markets are consolidating close to recent swing tops
FIIs bought in the cash market on Friday
Markets rose on Friday supported by heavy volumes
No solution for India-China border stand-off and uncertainty continues
Global market discussions are turning towards caution and second wave of virus
Global Markets: -Consolidation close to swing top
European markets ended in positive territory on Friday while US markets ended in red. They are still consolidating close to the recent swing tops. Safe haven assets USD and Japanese yen rose and are holding their gains. Gold is up this morning. The risk assets such as emerging market currencies and equities are in sideways consolidation phase.
ASIAN Markets this morning: - Consolidation
Asian markets opened the week in negative territory. Although markets have recovered slightly since opening, they are trading in sideways and mood is cautious. European futures are trading in red while US futures have recovered from morning lows. SGX nifty after recovering from Friday night lows, is trading about 50 points below Nifty’s yesterday close.
There are no major regular economic data to be released today
India : Up move with heavy volumes
Nifty 50 and broader markets went up on Friday with heavy volumes after a strong up move on Thursday. FIIs net bought Rs.1237 Cr in the cash market while DIIs booked profit for about 880 Cr. The reliance industries’ 6+% spike helped the overall mood and volumes in the market. Nifty is comfortably placed above 10K.
How will Nifty perform today? Lets find our 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.