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.
Pre market analysis: 23 June 2020
Flash Purchasing Manager’s Index for both Japan & Australia rebounded strongly for July
Global markets continue to consolidate
FIIs bought in the cash market yesterday
US Trade official comment caused volatility in Asian markets / EU-US futures this morning
Global market discussions are turning towards caution and second wave of virus
India-China border stand off is still dragging on.
Global Markets: -Consolidation
Both European and US markets continued to consolidate. Europe ended with small drop while US markets ended with small gain. Safe haven assets USD and Japanese yen are holding their gains. Gold gained and is trying to break out of the range. There were reports that the large funds are piling into gold to avoid getting caught in coming drop in equities. emerging market currencies were in sideways consolidation phase while emerging market equity ETFs trading in US rose yesterday.
ASIAN Markets this morning: - Consolidation
Flash Purchasing Manager’s Index has started coming in. Services and manufacturing in both Japan & Australia rebounded strongly for June’20. But on trade front things are getting tricky, US trade official’s comment today morning that US China trade deal is “Dead” and subsequent retraction of that statement caused volatility in Asian markets. The indices are now back in positive territory where they started the day. European and US futures are also back in black. SGX Nifty is trading at around 10350 levels which is about 40 points above yesterday’s Nifty close.
There are no major regular economic data to be released today
India : What is in DIIs mind?
DIIs booked profit with heavy volumes yesterday while FIIs net purchase in cash market was lower. Higher levels in Nifty are witnessing profit booking after three days of up move. Heavy weights witnessed profit booking in the last of trading yesterday.
How will Nifty perform today? Lets find 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.