Pre Market Report, February 23, 2017 | Stocks and Commodities

February 23, 2017
Time: 8.30 am

Pre Market Report:

1. US markets closed mixed.
2. Asian markets are also mixed.
3. SGX Nifty is higher by about 10 points.
4. Yesterday it was Reliance just like Axis Bank on Tuesday and HDFC BAnk on Monday.
5. If there was no increase in Reliance share prices, Nifty would have fallen significantly yesterday.
6. I expect the Nifty to expire between 8920 and 8980, more likely towards the higher end.
7. But trade is likely to be volatile.
8. FIIs have sold huge amount of options.
9. So markets may be range bound until afternoon and there may be some violent move after 3 pm.
10. Target of 9000 for Nifty and 21000 for Bank Nifty remains if not by today at least in March series.
11. Since markets consolidated between 8700 and 8850 for many days and broke out finally, 8850 will remain the support now.
12. Any dip in the markets towards 8850 will be a buying opprtunity with a stop loss at 8820.
13. Sice tomorrow is a holiday, we have three day weekend.
14. So traders will like to square off their trades and that may add to volatility towards the end of the day.
15. We should be happy if Nifty expires around 8980.