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: 13 July 2020
Positives:
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Asian markets are positive
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Emerging market rally continues
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Risk assets are pushing upwards
Negatives:
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DIIs & FIIs booked profit on Friday and last week.
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Virus infections continue to hit all-time highs but markets are not paying attention
Global Markets: -Risk on mood is back
US and European markets gained more than 1.00% in green on Friday. High yield bonds, Emerging markets ETFs traded in US were flat or positive. Copper prices are shooting through the roof. Gold refused to budge from swing highs and is currently coiling sideways. US Dollar and Japanese Yen are subdued. VIX index is starting to move down after a brief pause.
ASIAN Markets this morning: - In Green
Asian markets are starting the week in green and most markets are attempting to break out of the consolidation range. Chinese Shanghai Index which had stellar run up so far this month paused and ended in red on Friday. It is rebounding today. SGX Nifty is trading about 75 points above Nifty futures’ close yesterday.
Calendar Events:
CPI numbers are likely to be released this evening which is expected to come in at 5.3%. The CPI numbers were not released in previous weeks due to COVID-19.
India : -Will Bull market continue?
The previous week has seen quite a bit of profit booking by institutions while markets held on to its gains and coiled sideways. Both FIIs and DIIs booked profit on Friday as well on cash market. FIIs and large proprietary trader are holding net short position in open interest on Index derivative as of Friday.
How will Nifty perform today? Click HERE to find out
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.