Pre Stock Market Report, October 30, 2020

US markets closed higher after few days of severe sell off.

But US futures are lower now.

After market ours, Twitter down 14%, Amazon down 2%, Apple down 4%, Alphabet up 7%.

So you can imagine the kind of roller coaster ride US markets will go through.

Asian markets are mostly negative following US futures.

It seems that we will consolidate in the region 11600-11700 for next few days.

Markets are expected to make a big move again after US elections.

We have just 3 trading sessions before US elections.

So there is bound to be lot of volatility.

Expecting this move to the upper side , but will have to wait for confirmations.

SGX Nifty is down slightly.

That is because negative Global cues and selling by both FIIs and DIIs.

FIIs have sold for 421 crores and DIIs have sold for Rs 253 crores.

Crude Oil: Oil prices fell more than 3 percent on Thursday, extending the previous day’s sharp decline on the potential impact renewed coronavirus lockdowns will have on oil demand. Brent crude settled 3.76 percent lower at $37.65 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 3.26 percent to settle at $36.17 per barrel. Both contracts plunged by more than 5 percent on Wednesday, reported CNBC International.

Rupee Close: The Indian currency settled lower on Thursday amidst volatility in the equity markets. The rupee ended 23 paise lower to 74.10 against the US dollar as compared to the previous close of 73.87

Today IOC, IndusInd Bank, Reliance are set to declare results.

Tomorrow ICICI Bank will declare results.

Stock specific action may continue while at index level there may not be any big move.

Planning to take some trades in Reliance and bajajfinsv .

Bajajfinsv already shared ti you yesterday , will be doing other in mkt time and students .

As long as yesterday's low is not broken, we can expect some sharp move towards the end of the day.

Nifty future may trade between 11580 and 11720.

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