Time: 8 am
Pre Market Report:
- US markets ended mixed.
- US added about 2.4 million jobs as per ADP data.
- Today evening, official Employment data will come.
- If it is coming around 3 million, it will be very positive.
- Vaccine hope is also increasing.
- Asian markets are generally positive.
- SGX Nifty is up by more than 50 points.
- Yesterday it was a surprising up move.
- World markets were not positive.
- In fact all European markets were trading in negative and US future were also negative.
- But short covering propelled our markets higher.
- Nifty, the day before yesterday, was trading 70, 80 points discount.
- Bank Nifty was trading at 150 points discount.
- The main reason, I think, is PM Speech.
- Markets thought he would announce some measures against China.
- PM Speech has become non event, neither he spoke about China nor additional stimulus.
- So shorts started covering, that is why we moved against the Global cues.
- Banking stocks led the rally.
- FIIs continue to sell in Cash market, they have sold about Rs 1700 crores worth of shares.
- Surprisingly DIIs continue to buy at this higher level.
- Auto sales data were not encouraging.
- Auto stocks already run up.
- Earlier I sold 10600CE and 10000PE, yesterday I sold 10200PE, hoping that Nifty will expire between 10200 and 10600.
- Positional traders, it is time to be cautious, we are the the top end of trading range, 9500-10550.
- Nifty is likely to face resistance between 10500-10600 levels, Bank Nifty 22500-22600 levels.
- Tomorrow, once again markets are likely to react violently based on US Jobs Data.
- IIP data came at 47, which is not bad.
- Overall, market sentiment is bullish now, enjoy the ride.
- Expect volatile expiry today as markets moved significantly and markets opening with good gap up.
- Nifty may expire between 10320 and 10520.
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