September 15, 2020
Time: 8 am
Pre Market Report:
- For details of the online workshop, click www.workshop.prsundar.com
- US markets closed higher.
- World markets are stabilising after two weeks of down trend.
- Asian markets are mixed.
- Japan is down while most other Asian markets are up.
- Yesterday, huge intraday selling was a surprise.
- In fact, we had many such intraday falls in last two months.
- The severe one was on last Monday when Nifty fell from 11800 to 11350.
- Now SGX Nifty is trading about 30 points higher.
- IT stocks shot up after guidance from HCL Tech.
- IT stocks shot up despite appreciation in Rupee.
- Banking stocks are the main drag.
- From September series high, Bank Nifty is down more than 3000 points.
- That is about 15%.
- HDFC Bank lead the fall.
- CPI Inflation data came slightly better than expected yesterday evening.
- Just now, China Industrial production data also came better than expected.
- US futures turned positive after this data.
- Despite such a big intraday fall, FIIs were net buyers in Cash market yesterday.
- DII selling is very little.
- So yesterday's fall was not because of Institutions.
- Reliance is consolidating around 2300.
- Mid caps and small caps did very well yesterday.
- That is due to the expected demand from Multi Cap funds.
- Markets were highly volatile for last two weeks.
- But after more than two weeks, Nifty is still around 11500.
- But the premiums did not come down much due to increase in India VIX.
- We can expect some big move only next week.
- This week, consolidation may continue.
- Nifty future may trade between 11400 and 11580.
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