Pre Market Report, February 22, 2018 | Stocks and Commodities

February 22, 2018
Time: 8.40 am

Pre Market Report:

1. Yesterday I could not write the "Pre Market Report" as I was travelling from Singapore to Chennai.
2. Dow fell nearly 500 points after Fed minutes.
3. But on a closing basis, Dow was down only 166 points.
4. Asian markets are all in negative territory except China which opened after one week Chinese New Year holiday.
5. SGX Nifty is trading around 10330 which is about 60 points lower than yesterday's close here.
6. But SGX Nifty has not been a correct indicator for our markets for the last two weeks.
7. On Feb. 6, Nifty future panic gap down open was at 10300.
8. Now it looks like Nifty will be closing somewhere there.
9. But Bank Nifty is even lower than panic bottom of 25000.
10. That is mainly due to the under performance of private sector banks.
11. HDFC Bank is still looking very weak.
12. IT is supporting Nifty due to the depreciation of Rupee.
13. SGX Nifty is down due to Global cues, but we have not been following Global cues for the last two weeks.
14. So we can expect a highly volatile trade today.
15. We have to be very careful in the last one hour.
16. FIIs though selling in Cash market, they are not bearish in F&O market.
17. DIIs are still buying aggressively.
18. After a big gap down from 10700 to 10300 on Feb. 6, Nifty has been trading in this range only.
19. But in this range, markets were highly volatile.
20. Nifty future may trade between 10300 and 10400.