Pre Market Report, February 22, 2017 | Stocks and Commodities

February 22, 2017
Time: 8.45 am

Pre Market Report:

1. US markets moved higher once again.
2. Asian markets are mostly higher.
3. SGX Nifty indicates slighty positive opening here.
4. FIIs have sold for Rs 1435 crores in Cash market but DIIs have bought for Rs 1535 crores.
5. Such an aggressive buying by DIIs is really surprising.
6. Usually DIIs are aggressive buyers only at the lower levels.
7. But we are at all time high in Small Cap and Mid Cap indices and we are very close to all time high in Nifty.
8. Day before yesterday, it was HDFC Bank and yesterday it was Axis Bank.
9. Rumour about Axis Bank merging with Kotak Bank led the short covering rally in Axis Bank.
10. In F&O, there is still short positions for FIIs and therefore another short covering rally is not ruled out.
11. I will not be surprised if Nifty expires close to 9000.
12. Markets are likely to be volatile ahead of expiry.
13. One week before I said, Nifty is likely to trade between 8500 and 9000.
14. Later I said Nifty is likely to trade between 8700 and 9000.
15. Now it looks Nifty will expire between 8880 and 9000.
16. Let us see the action today and tomorrow.