Pre Market Report, May 26, 2020 | Stocks and Commodities

May 26, 2020
Time: 7.45 am

Pre Market Report:

1. Yesterday many warkets, including US, were cloed.
2. The markets that were open, all ended in reen.
3. Now Asian markets are higher.But finally closed below Rs
4. SGX Nifty is trading about 100 points higher.
5. Yesterday in my YouTube video, "Dalal Street week Ahed" I mentioned that Bank Nifty seems to be over sold.
6. On Friday I sold Bank Nifty 16000PE at Rs 62 but it went over Rs 100.
7. But finally, closed below Rs 50.
8. On Friday, once again Nifty fell below 9000 but closed above 9000.
9. So far every ap was sold into within minutes in May series.
10. Today also we are likely to open gap up, let us see what happens.
11. Friday morning, it was a surprise rate cut by RBI.
12. Still Banking Stocks fell.
13. Surprisingly both FIIs and DIIs were net sellers in Cash market.
14. FIIs have sold Rs 1353 crores and DIIs sold Rs 344 crores.
15. Now markets will follow the lobal cues.
16. HDFC will be in focus after not so good results.
17. Bharti will be in focus due to US$1 billion share sale.
18. YES Bank promoter exited recently when it shot up to Rs 80 in short time, RIL came out with Rights issue when the shares shot up, now Bharati promoter selling.
19. So who is smart?
20. May series markets were highly volatile within a range and India VIX keep falling.
21. 9150-9200 is a huge resistance area, if crossed, Nifty may move beyond 9300 by this week expiry.
22. Since Bank Nifty is in oversold zone, any short covering, the rally will be more powerful in Bank Nifty.
23. As I stated in my YouTube video, markets tend to make significant move, in the last week, in a high volatile seies.
24. I will not be surprised if Nifty expires above 9340, 400 points higher from Friday's low.
25. Today Nifty may trade between 9000 and 9200.