Pre Market Report, September 07, 2020 | Stocks and Commodities

 September 07, 2020

Time: 8 am

Pre Market Report:

1. US markets went for a roller coaster ride on Friday.
2. Apple opened 1% higher, then went down 9%, then recovered entire losses of 9% to close positive.
3. Tesla also the same, fell 8% and then shot up 11%.
4. Asian markets are mixed.
5. US futures are also mixed.
6. One good thing is that US markets are closed today.
7. In last one week, Nifty saw two sharp sell off.
8. Last Monday, from 11800 to 11350.
9. Last Friday, from Thursday's close to Friday's low, it was about 250 points
10. SGX Nifty hit a low of 11240 on Friday night.
11. FIIss have sold for Rs 1889 crores and DIIs have sold for Rs 457 crores.
12. After a long time, both FIIs and DIIs have sold heavily.
13. That is really a bad news.
14. Nifty closed below 20DMA.
15. Last Monday low of 11350 was broken on Friday.
16. Bank Nifty was almost 500 points lower than last Monday low.
17. Because of this, SGX Nifty is lower despite positive Asian clues.
18. Hong Kong is up, despite some civil unrest started on Sunday.
19. Banking stocks look very weak.
20. But despite such a sharp fall of more than 2000 points, it is still above 20DMA.
21. Markets are likely to be volatile.
22. The talk of the town is IDEA announcing some news at 11.45 am.
23. But that stock is under trading ban, no fresh positions allowed.
24. Nifty highest open interest among Call options from 12000 to 11500 is a big concern.
25. Maruti was the only stock that ended in Green on Friday and that too closed significantly lower than intraday high.
26. Two sharp sell off in one week, both FIIs and DIIs selling aggressively are two big negatives for our markets.
27. Positive Asian clues, lower Crude price, Mixed US futures are some positives.
28. SGX Nifty is also very volatile.
29. Markets will see more selling pressure if Nifty future breaks 11300.
30. Nifty future may trade between 11280 and 11460.