Pre Market Report, March 8, 2019 | Stocks and Commodities

March 8, 2019
Time: 8.30 am

Pre Market Report:

1. Yesterday US markets fell for fourth day in a row.
2. Yesterday's fall was due to Europe lowering growth from 1.7 to 1.1%.
3. Asian markets are following US markets.
4. But SGX Nifty is trading around 11080, recovered about 60 points from morning low.
5. We have not been following Global cues for the last few weeks.
6. One month before when the entire Global markets were rallying, we fell by assuming there will be hung Parliament.
7. Now when the entire Global markets are falling, we are moving higher by assuming there will be a stable Govt. after election.
8. FIIs are buying continuosly for the last 10 days in Cash market.
9. So any intraday fall is a buying opportunity.
10. Anyway US markets fell for 4 days in a row, it may not continue to fall significantly from here.
11. Today evening US jobs data may change the sentiment there.
12. Since DIIs were net sellers, DII favourite stocks fell yesterday.
13. Bank Nifty out performed yesterday due to HDFC Bank and Axis Bank.
14. Reliance and ITC helped markets from falling.
15. I have positions: +1X11100PE & -2X10900PE, +1X11100CE & -3X11300CE.
16. So moderate movement either side is not really bad for me.
17. Crude is not rising and Rupee trading below 70.
18. Both are good for our markets. But today Rupee may move more than 70.
19. Since we have moved significantly in the last few days, consolidation for one or two days is good.
20. Yesterday mid caps and small caps under performed.
21. Nifty future may take support at 11020.
22. Resistance may come at 11120.