Pre Market Report, September 21, 2020 | Stocks and Commodities

 September 21, 2020

Time: 8 am

Pre Market Report:

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2. US markets closed in Red on Friday.
3. US markets were highly volatile, due to "Quadruple Witching" Day.
4. But Asian mrkets today morning are mostly flat.
5. Japan is closed, Australia and Hong Kong down slightly while other Asian markets are slightly positive.
6. But SGX Nifty is down by about 30 points.
7. Friday's fall could be a reason for this fear.
8. Friday afternoon, sudden fall of Bank Nifty, more than 600 points, many could not digest.
9. There were lot of rumors floating around, including border tension at India Pakistan border.
10. But it seems that the fall was mainly due to HDFC Bank and Kotak Bank.
11. In fact, Nifty, on a close to close basis, down only about 10 points.
12. Many frontline stocks, including Reliance. closed in Green.
13. Bank Nifty s struggling, even after falling more than 3000 points.
14. HDFC Bank and Kotak Bank removed from FTSE rebalance could be a major reason for this sell off.
15. ICICI Bank closed almost flat.
16. On Friday, Nifty future low was 11455.
17. Now SGX Nifty is trading closer to that level.
18. One good thing is that there was no Institutional selling.
19. US futures are higher.
20. Sell off was limited to banking stocks.
21. But there are some negatives also.
22. Some Asian markets are negative.
23. Sentiment in Bank Nifty is very bad.
24. US Stimulus is getting delayed.
25. Interest on Interest case comes up in Supreme Court only next week Monday.
26. (I mentioned wrongly as this Thursday in my 'Dalal Street Week Ahead' yesterday)
27. Pharma stocks looking good.
28. We can expect some recovery later in the day, as long as Friday's panic low of 11455 is held.
29. Today, it is likely to be inside candle.
30. Nifty Future may trde between 11450 and 11600.