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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Positives:
European and US markets recovered and consolidated on Friday after panic sell-off
DIIs strongly defended the market with sizable inflow on Friday
Negatives:
Markets are doubtful after last weeks sudden and sharp sell-off.
FIIs sold on Friday
Corona virus second wave doubts are growing
Global Markets: Nervousness
Both US and European markets pull back from sharp sell on Friday. The assets classes were also consolidating after losses. US volatility index reversed some of the sharp up move. Crude oil is sharply down this morning. Global market mood seems to have changed from bullishness to nervousness
ASIAN Markets this morning: - Negative
Asian markets are doubtful and almost all the indices are trading in negative territory. SGX Nifty is trading about 100 points below yesterday’s Nifty close. It is recovering from morning lows.
Calendar events
Wholesale inflation numbers will be released today.
I ndia : Wil Nifty build on Fridays sharp bounce?
Global markets growing anxious on second corona wave will shine spot light on corona virus situation in India. The infections are accelerating in India compared to other economies. This fact was in not focus as global markets were bullish on US job numbers and dovish US Federal reserve, European Central Bank.
The global market mood turning nervous is not good for Indian markets. FIIs have started selling and remains to be seen if they continue to sell in cash market. DIIs defended the markets with heavy buying on Friday. Will they continue do it if it becomes clear that they will have opportunity to buy at even lower prices?
What may happen today after Friday’s sharp bounce? 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.
