Pre Market Report, August 11, 2020 | Stocks and Commodities

 August 11, 2020

Time: 8.10 am

Pre Market Report:

1. You can register at www.workshop.prsundar.com
2. US markets closed mixed.
3. Asian markets, particularly China and Hong Kong, are positive.
4. SGX Nifty is up by about 60 points.
5. Yesterday, the much awaited AGR ruling did not come.
6. The way Reliance was falling, IDEA and Bharti was rising, the ruling is more or less known.
7. Now the ruling may come on Friday 14th, August.
8. Again, another 3 days of volatility, in Telecom related stocks.
9. Open Interest reduced in IDEA but still not below 80% of MWPL.
10. So the trading ban continues in IDEA.
11. Yesterday markets were very firm.
12. Probably, some people were waiting for good news from AGR to book profits.
13. At 2 pm, it was announced that the ruling will come at 3 pm.
14. So these people did not want to wait, started booking profit.
15. Bank Nifty fell nearly 300 points and Nifty nearly 100 points from intraday high.
16. But markets recovered later, to close firmly in Green.
17. Reliance fell.
18. But many other stocks, like L&T, supported the markets.
19. ICICI Bank announce QIP floor price above Rs 351.
20. That seems to be a good news, ADR was up by 4.5% at some point but closed 3.5% higher.
21. So it is likely to move 1 to 2% higher.
22. The momentum is coming in Bank Nifty.
23. I am selling lot of Put options in Bank Nifty both weekly and monthly.
24. I am bullish above 22000 for Bank Nifty.
25. Nifty is likely to open above swing high of 11342.
26. We need to see, if there is any profit booking.
27. If 11350 is crossed, then next target will be 11500.
28. Must watch Reliance, as long as it is trading between 2100 and 2200, it is consolidation.
29. Breaching of either level, will be a trending direction.
30. So we may move with Global markets until Friday.
31. Nifty future may trade between 11250 and 11420.