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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Premarket analysis: 09 July 2020
Positives:
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Emerging markets rally is alive
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More signs of economic recovery are visible
Negatives:
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Both FIIs & DIIs booked profit yesterday
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Virus infections keeps going up
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Low expectations on quarterly earnings
Global Markets: -Consolidation
US ended slightly in green while European markets ended in red. Developed markets continue to consolidate near the recent swing tops. On the other hand, risk assets continued to move up. Government bonds of emerging Asia is raising, so are the emerging market ETFs and high yield bonds. Strong performance of Chinese markets continues today that is taking Industrial metals further up. Gold is in strong up trend. Japanese yen consolidated. US dollar fell again. Volatility indices are little changed.
ASIAN Markets this morning: - Mixed
Japanese Nikkei and Korean markets are consolidating near swing tops while Chinese markets are strongly trending upwards. Other markets are mostly in sideways coil. SGX Nifty is trading about 30 points above Nifty futures’ close yesterday.
Calendar Events:
There are no important economic data scheduled for release today.
India : -Is the bull run over?
Both FIIs and DIIs booked profit with sizable selling yesterday at market top. However, that did not send market down much. FIIs are still holding net long position in index derivatives and large proprietary traders are slightly net short in index derivatives. Both NSE and Nifty volumes rose steeply yesterday because of institutional selling.
How will Nifty perform today? 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.