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

August 23, 2017
Time: 8.35 am

Pre Market Report:

1. US markets shot up, biggest gain in last four months.
2. But Asian markets reaction is limited.
3. Most Asian markets are up.
4. SGX Nifty is also up by about 20 points.
5. Yesterday once again our markets were highly volatile.
6. Bank Nifty swung between 23900 and 24200 many times.
7. But the data remains the same, DIIw were net buyers and FIIs were net sellers in Cash market and buyers in F&O market.
8. FIIs have created long positions in index futures yesterday.
9. So the downside seems to be limited.
10. Nifty future should take support at 9780.
11. Markets may consolidate between 9800 and 9900 for few more days.
12. Highest open interest among Puts remain at 9800.
13. Huge shorting by retail people, coupled with huge Call writing may trigger shortcovering rally at some point.
14. But that may not happen this week.
15. Slowly people start forgetting geo political tensions.
16. Last month's out performance is getting adjusted this month.
17. So expect a range bound volatile session today.
18. Nifty future may move higher by short covering if 9840 is crossed.
19. As I said earler, it may not happen this week.