Pre Market Report, September 20, 2019 | Stocks and Commodities

September 20, 2019
Tme: 8.15 am

Pre Market Report:

1. In just 4 days Nifty fell 400 points.
2. Bank Nifty fell 1200 points.
3. That too on the back of not any bad Global cues.
4. Monday markets fell due to Crude prices. 
5. But the fall was limited.
6. The real reason for further falls was not Crude.
7. It was the decision of GST fitment committe to reject the GST rate cut proposal for Autos.
8. Once this news broke out, it was one way fall, irrespective of Global cues.
9. After brutal sell off in July and August, September also sell off continues.
10. So far Nifty has fallen about 250 points in September series.
11. Yesterday's Nifty close was the lowest close since March 2019.
12. Today is GST Council meeting but the outcome will be known only after the market close.
13. Bt there is a Press Conference at 10 am by FM.
14. Yesterday evening FM had a press conference, do not know why there is another press conference today at 10 am.
15. She is setting a world record by holding 3 press conferences in a span of 24 hours.
16. Usually when markets fall from Monday to Thursday drastically, on Friday in the first half or in last one hour, markets recover some lost ground purely by short covering.
17. SGX Nifty is trading about 20, 25 points higher due to Global cues.
18. We have to see whether this small gap up will trigger short covering.
19. If that gap up is sold into, then we can expect some sharp up move in last one hour.
20. Short traders will like to book profits either ahead of FM's 10 am press conference, but that is unlikely as they can mainatin stop loss.
21. Or they will square off at the end of the day as GST Council outcome will be known at 5 pm.
22. FIIs keep selling for about Rs 1000 crores every day.
23. Few months before I stated very clearly, Do not mess up with FIIs"
24. They have the power to bring down any countery.
25. They brought down Bank of England, they brought 
26. Nifty future may trade between 10700 and 10820.
27. blog delayed as I was talking to my friend over phone without watching time just like FM keep conducting Press Conferences without looking at Economy.