Market Report, September 10, 2020 | Stocks and Commodities

 September 10, 2020

Time: 8 am

Pre Market Report:

1. US markets closed higher.
2. But right now US futures are lower.
3. Asian markets are mixed.
4. SGX Nifty is down slightly.
5. So markets are expected to open flat.
6. That is a good new for Option writers who wrote options on both sides.
7. Global markets came in to correction mode and we fell more due to some local problems.
8. Bank Nifty fell more than 3000 points from last Monday to this Wednesday.
9. That is almost 15%, while people talking so big about 11% fall in Nasdaq.
10. Stocks like SBI, Axis Bank fell nearly 20%.
11. SBI once again below Rs 200.
12. Yesterday Reliance saved the day.
13. Now market is expecting a repeat of flood of investment in JIO, in Reliance Retail.
14. Silver Lake investing in Reliance Retail triggers that expectation.
15. Now the big question is "When Reliance will hit fresh all time high?"
16. Will not be surprised even if that happens today.
17. But the overall sentiment is not supporting.
18. Today, the talk of the town is 'Supreme Court case on interest on interest'
19. That is only a hearing, I do not think the verdict will be out today.
20. Bank Nifty will be sensitive to this news.
21. It was surprising that both FIIs and DIIs were net sellers in Cash market.
22. So we have to be very careful at higher levels.
23. Expiry day volatility will be there.
24. Despite falling market, India VIX has come down.
25. That shows the downside risk is not very big from here.
26. Only big concern is that the addition of Open Interest in weaker stocks like SBI and Axis Bank.
27. India-China border tension is another big problem for markets.
28. Markets may consolidate and may see a sharp move towards the end of the day.
29. SGX Nifty now below 11300.
30. Nifty future may trade between 11200 and 11400.