Pre Market Report, April 23, 2020 | Stocks and Commodities

April 23, 2020
Time: 8 am

Pre Market Report:

1. Planning a Webinar for Charity, details can bee seen from my YouTube Channel www.YouTube.com/prsundar64
2. Crude iol panic subsided.
3. US markets were up.
4. Asian markets are also higher.
5. SGX Nifty is almost flat.
6. That is because, yesterday we shot up, while Global markets were down.
7. Reliance alone contributed more than 100 points for Nifty rally.
8. Bank Nifty under performed Nifty but that also shot up in the last part.
9. I predicted Nifty 9000-9500 range for this week.
10. But due to Crude oil crash, Nifty went below 9000 and destroyed all Nifty 9000PE sellers and now it is back to the same range.
11. This is what will happen in high volatile markets.
12. FIIs have sold for Rs 1326 crores in Cash market.
13. DIIs have bought for Rs 863 crores in Cash market.
14. Nifty 9000PE added huge open interest, so that should be a good support today.
15. Even ITM Put of 9200PE has seen addition in Open Interest.
16. Nifty is not likely to expire below 9000 due to bullishness in Reliance.
17. However some profit booking is not ruled out as Reliance has shot up 18% from day before yesterday's low.
18. There was unwinding in 9200 and 9300 calls and addition in 9400 call.
19. Bank Nifty is likely to move more violently today.
20. Nifty has been making huge moves between 8800 and 9350.
21. Markets are likely to trade in this range as long as there is no significant positive or negative news.
22. There was a news report, may bo cooked up, that Govt planning to announce stimulus for Industries.
23. Later, it was denied by Govt. A move, something like that is required for the markets to break out.
24. Until then, it is going to be range bound, volatile.
25. Nifty future may trade between 9000 and 9350.