Pre Market Report, September 2, 2020 | Stocks and Commodities

 September 2, 2020

Time: 8 am

Pre Market Report:

1. Details of the online workshop at www.workshop.prsundar.com
2. US markets closed at another record high.
3. But Indian markets are facing its own issues.
4. Yesterday was one of the worst volatile days.
5. Bank Nifty was making more than 300 points movetimes.
6. Yesterday, lot of traders had issues with trading.
7. For example, my account showed minus Rs 50 lakhs.
8. When I asked the broker, he said, now we are reflecting the limit given by NSDL.
9. All my shares and mutual funds are pledged, but not getting correct limit.
10. If I square up one position, I can not create another position as balance is showing minus.
11. Many traders pledged but system was not reflecting any limit.
12. They were asked to do pledging again.
13. For one of my friends, pledging system says, "Under Process" for more than 3 days.
14. He also could not trade.
15. In last 15 minutes, there was short covering.
16. Both Nifty and Bank Nifty spot did not move but Nifty and Bank Nifty futures moved higher.
17. Nifty future closed more than 50 points higher than the spot and Bank Nifty future more than 100 points.
18. That is a positive sign.
19. Dollar index was below 92 yesterday but now above 92.
20. Rupee appreciated yesterday due to dollar index, it was trading below 73.
21. FIIs, after selling for more than Rs 3000 crores the day before yesterday due to MSCI rebalancing, turned net buyers.
22. But DIIs have turned net sellers.
23. Most of the Asian markets are higher.
24. But Hong Kong is down, after seeing Hong Kong markets, SGX Nifty also down by 30 points from intraday high of 11546.
25. Yesterday metal stocks were up significantly.
26. Today the focus will be the Supreme Court hearing about Moratorium and Interest on Interest waiver case.
27. But going by the track record, the verdict may not come today.
28. Even the AGR case was dragged until just one day for the judge to retire.
29. Volatility due to new pledging system may continue for next few days.
30. Nifty future may trade between 11420 and 11600.