May 27, 2020
Time: 8 am
Pre Market Report:
Time: 8 am
Pre Market Report:
- US markets shot up but came under selling pressure in the last one hour.
- In the last one hour, S&P 500 lost almost half of the gain.
- That is due to a news report that said Trump is considering sanctions against China.
- Asian markets are mixed.
- SGX Nifty is almost flat with positive bias.
- Yesterday was the best day for bulls to take the resistance of 9200 out.
- But they failed miserably.
- Nifty fell almost 200 points from intraday high.
- Only good thing was that Bank Nifty out performed Nifty after a long time.
- Particularly HDFC Bank did well and that supported Bank Nifty.
- Bajaj Finance hit 52 week low again.
- Reliance is also struggling around 1420, my entry level.
- FIIs bought for Rs 4716 crores and DIIs bought for Rs 2841 crores.
- That is little over Rs 7500 crores.
- But there is nothing to feel good about it.
- The entire 7500 crores would have gone to Bharti airtel.
- Now it is the turn of Kotak Bank.
- QIP launched at a maximum discount of 5%.
- So Kotak will see knee jerk reaction on the downside, that will drag Bank Nifty also.
- Indian markets are hugely under performing world markets.
- Tale of Two Countries: One Country head always think about Stock Market while the head of other one never think about Stock Market.
- Clearly Govt is struggling to find a balance between Economic damage and Corona damage.
- There was unwinding in Nifty 9000PE and increase in OI in 8900PE and 8800PE.
- This shows that writers are not confident of Nifty expiring above 9000.
- At the same time, huge OI added at 9100CE and 9200CE.
- So writers think Nifty will expire between 8900 and 9100.
- Usually Wednesday trade will be highly volatile.
- Nifty future may trade between 8960 and 9180.
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