Pre Market Report, February 21, 2019 | Stocks and Commodities

February 21, 2019
Time: 8.30 am

Pre Market Report:

1. US markets closed marginally higher.
2. But Asian markets are subdued.
3. Mostly flat with negative bias.
4. SG Nifty is down by 30 points.
5. Yesterday it was a good short covering rally.
6. But it came with good volatility after 2 pm.
7. After 2 pm, Nifty fell 60 points and then shot up 100 points.
8. At the end of the day, both FIIs and DIIs were both net buyers in Cash market.
9. FIIs were net buyers in F&O market as well.
10. Today market may open slightly lower due to Global cues.
11. But the short covering rally may continue after a small dip.
12. Markets may move sharply in the last half an hour.
13. Reliance has been moving between 1220 and 1240 for the last few days.
14. Any breakout above 1240, Reliance will lead the next rally.
15. As I said earlier, Nifty may trade between 10600 and 10900 until February end.
16. 10600 is a strong support and 10900 is a strong resistance.
17. Since we have only 6 more trading sessions, premium eating on both sides will continue.
18. Many short sellers, particularly Bank Nifty short sellers, were worried about PSU Bank recapitalisation.
19. Last time when they did Bank Nifty recapitalisation, PSU Banks shot up 30% to50%.
20. But today that may not be the case.
21. Most of the money received by small banks which are not part of Bank Nifty.
22. SBI, PNB, BOB have not received anything.
23. SO it may not have any material impact on Bank Nifty today. But stockwise action is not ruled out.
24. Just before election, I am planning to accumulate more shares.
25. Yesterday I bought SBI and Hero Moto. SBI may do well due to positive sentiment.
26. Nifty fture may trade between 10680 and 10800.