Pre Market Report, April 17, 2020 | Stocks and Commodities

April 17, 2020
Time: 8.15 am

Pre Market Report:

1. US markets closed slightly in Green.
2. But after market close, Gilead Sciences gave an optimistic report about its drug Remdesivir for Corna Virus.
3. Immediately Dow futures shot up more than 800 points.
4. So all Asian markets are significantly higher.
5. SGX Nifty is trading around 9260.
6. That is a huge gap up of more than 200 points.
7. Yesterday itself Nifty future traded at a huge premium of about 60 points.
8. But FIIs were net sellers for Rs 2920 crores.
9. DIIs were net buyers for Rs 1321 crores.
10. Last week Nifty future fell from 9280.
11. Now SGX Nifty is around there.
12. I thought trend reversed by looking at the drastic fall from resistance zone.
13. Remember, Bank Nifty fell 1200 points intraday and Nifty fell 450 points intraday when Nifty future hit 9280.
14. South Korean markets are are significantly as ruling party won again in elections.
15. Suddenly there seems to be many good news flow happening.
16. (i) US Economy opening, (ii) Corona Virus Vaccine, (ii) Fiscal Stimulus 2, (iv) RBI policy.
17. RBI Press meet at 10 am will set Banking stocks on fire.
18. Remember, still Bank Nifty did not even touch 21000, recent high.
19. Kotak Bank has been under performing.
20. Its low was 1100 when Nifty hit 7500, now Nifty is more than 20% higher but Kotak is at 1130, not even 3%.
21. As usual PSU Banks have been hugely under performing.
22. I will turn bullish and will sell Put options aggressively if Nifty future crosses 9300.
23. Since I am late, let me stop here.
24. Nifty future may trade between 9060 and 9360.