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PRE MARKET REPORT, JUNE 28, 2021

  • US, the S&P 500 ended the week at record high on Friday
  • Asian markets trading marginally on the lower side
  • SGX Nifty indicating a positive start with 25 points gain
  • FIIs net sold shares worth Rs 678.84 crore while DIIs net purchased shares worth Rs 1,832.76 crore
  • When VIX is low markets are expected to consolidate only
  • Reliance has fallen more than 5% not expected to fall further and Banking stocks are reviving if they continue to do well we can expect market to move higher
  • Focus will also shift to Auto stocks as 1st July Auto companies will start declaring monthly sales data and general expectation is that this time figures are going be very good
  • FIIs are long around 80% in index futures which is neither too high nor too low but its near upper end of the range. Markets will move significantly higher only when FIIs long position is 45 to 50%. Uniformly in the past when FIIs long is above 80% markets have corrected 200 to 300 points
  • This time for more than a month FIIs long position has been around 80% plus. That shows the bullishness of FIIs
  • Looking at OI Nifty might trade between 15500 to 16500 for the month of July
  • This week 16000 seems to be the resistance but who knows market can surprise !!