PRE MARKET REPORT, AUG 09, 2021

Global cues looking very strong
US data looks very strong, Dow closed at new peak
Dollar’s strength emerging as big risk for emerging markets
Experts see inflation emerging as a risk for markets
Asian markets down on Covid worries
SGX Nifty indicating 30 points negative opening
Our markets likely to consolidate for next few days
FIIs have cut down their long position in Index Futures currently at 65% and Stock Futures around 55%
India has seen a marked improvement in Covid situation
Maharashtra announces more relaxations
Earnings season continues to look strong
Market’s template of “Buy on dips” to be tested
On Nifty: Erstwhile resistance of 16,000 to be support
On Bank Nifty: Erstwhile resistance of 35,200 to be support
Midcap Index: May see more decline if market starts to correct
Nifty likely to trade between 16,000 to 16,500 for sometime

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