Pre Market - Snapshot - 02-07-2021


 

US stocks moved up on higher than anticipated dip in jobless claims. S&P closed at yet another record high gaining almost 0.52%, Dow gained 0.38%, Nasdaq moved higher at a slower pace of 0.13%. Small cap Russell 2000 also gained 0.81% outperforming major markets. 


US dollar index moved higher above 92.50, 10 year declined marginally below 1.47%, Cboe Vix traded below 16. 


Oil prices continued to edge up nearing highest level since 2018 as OPEC+ failed to reach an agreement quantum of raising output. They will meet again today to decide on the same. WTI moved above 75, Brent traded flat below 76, narrowing the gap between the two below $1. 


Indian stocks traded down on lackluster cues from global markets, individual stocks did show some spark in an otherwise dull trading day. Auto, Healthcare were amongst winners but IT and realty were on the receiving end. 


Nifty is currently trading in a major trading zone between 15500-15900 and waiting for a breakout on either side.


For the day watch for some more consolidation in a narrow range for the index but stock specific moves to continue. Also watch for a consolidation breaking move next week to build up positions for July and once the range is taking out re-position for the same post the move.

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