Pre Market - Snapshot - 29-07-2021



 US stocks closed mixed on Wednesday on Fed hint of curtailing the bond buying program. Dow lost close to 0.4%0, S&P closed flat but tech heavy Nasdaq gained close to 0.70%. The small cap Russell 2000 that was underperforming since last few days gained the most, moving higher by 1.50%.


US 10 year had flat close as a slightly hawkish outlook by Fed got dampened in post meet conference where Fed chair said there are no timelines for taper. 10 year closed near 1.23%, dollar index fell near 92.25, Cboe Vix ended at 18.30.


Crude futures traded flat, WTI above 72, Brent below 75. 



Indian stocks continued to close down on Asian stock cues losing near 0.25%. Indices though recovered from intraday cuts of close to 1% on gains from Metal and IT stocks. Other sectors like Autos, Banks and Pharma continued to see downward pressure. 


For the day watch for July series expiry related volatility. For last many weeks indices have traded in a band with extreme volatility within a narrow range, the narrative of buying below 15600 and selling it through 15850-15900 has worked for entire July series but the same may change in August as fresh news and triggers make there way into new month. Continue to watch for developments on Covid, US infra bill, unlock news for August series that may create the necessary trigger point for a range breakout.

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