August 27, 2020
Time: 8 am
Pre Market Report:
- You can get details of the workshop at www.workshop.prsundar.com
- US markets closed at another record high.
- But Asian markets are not sharing the positivity with US markets.
- China launched 4 medium range ballistic missiles in disputed are of South China Sea.
- US added sanctions against some more Chinese companies.
- Mostly these companies are related to this missile launch in one or the other way.
- This could be the reason why most Asian markets are down.
- SGX Nifty has also corrected about 40 points from intraday high of 11585.
- Safe heaven assets are moving higher.
- Gold shot up from US$1917 to US$1962 after this news broke out.
- Indian markets are on steroids, moving non stop.
- In last 39 trading sessions, FIIs were net buyers in 38 sessions.
- Though DIIs were net sellers in all 39 trading sessions, DIIs selling was way below FIIs buying.
- IN last two sessions alone, FIIs bought for about Rs 3000 crores.
- But despite such a bullishness, August series is not as good as June or July series.
- In June, Nifty shot up 800 points.
- In July series, Nifty shot up 900 points.
- In August (though we have one more trading session today), as of yesterday, is up only by 350 points.
- Reliance did not move at all.
- That was the major contributor for June and July series.
- In this series, Reliance has been trading between 2100 and 2200.
- Bank Nifty shot up 1600 points in last four trading sessions.
- There was huge unwinding in 11500CE and now highest open interest is at 11600CE.
- Put options are trading with good premiums.
- Nifty closed at 11550, still 11300PE is trading at more than Rs 5.
- Markets are likely to consolidate in the first half.
- Second half may be some sharp moves on either side.
- GST Council meet, Fed Chairman speech tonight are two key things to watch.
- Reliance shot up nearly 100 points from intraday low, so that is a key stock to watch today.
- Nifty may expire between 11480 and 11620.
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