Premarket Analysis: 15 July - Will markets fall further?

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: 15 July 2020


Global markets are attempting to breakout and continue uptrend

Risk assets are holding gains


DIIs & FIIs both booked profits with heavy volumes yesterday.

Raising virus infections.

Muted quarterly result expectations

Global Markets: -Attempting a breakout

US Dow jones ended with solid gains while Nasdaq ended sideways. European markets ended in red. Most of the developed markets are attempting to breakout of the consolidation range and continue with uptrend. High yield bonds and Emerging markets ETFs traded in US were positive. Copper prices and other industrial metals are consolidating gains. Gold is also consolidating after recent gains. US Dollar and Japanese Yen fell. USD index is at the bottom of the symmetrical triangle. VIX index in US cooled off.

ASIAN Markets this morning: - In Green

Asian markets are trading with decent gains this morning. Chinese Shanghai Index continues its consolidation. European and US futures are trading in green this morning in Asia session. SGX Nifty is trending down after opening above 10700 this morning. Currently it is trading about 80 points above Nifty futures’ close yesterday.

Calendar Events:

Wholesale price inflation came in at negative -1.81% against the expectation of -3.21%. Disinflation is not as bad as expected

India : -Profit booking

DIIs and FIIs booked profit heavily yesterday in spot market. Futures and options open interest on indices shows that DIIs, FIIS and large proprietary traders have increased their short position yesterday. Implied volatility increased and still skewed backwards.

How will Nifty perform today? Find it out HERE

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