September 28, 2020
Time: 8 am
Pre Market Report:
- You can get details of online workshop at www.workshop.prsundar.com
- US markets closed higher on Friday.
- Asian markets are higher.
- SGX Nifty is up by about 70 points.
- This is a good gap up, after rallying about 250 points on Friday.
- China Industrial profit data came positive.
- That is one of the reasons for bullishness in Asia.
- First time, in last many months, DIIs buying matched FIIs selling.
- FIIs have sold for Rs 2000 crores and DIIs have bought for Rs 2000 crores in Cash market.
- In a matter of 4 days, FIIs have sold for Rs 10000 crores.
- But I mentioned that, if on Friday, markets recover, then 10800 will be the support for the short term.
- Now SGX Nifty is above 11100.
- Today, the most important thing is the 'interest on interest' case in Supreme Court.
- Bank Nifty seems to be in over sold region.
- In September, Bank Nifty future fell from 25300 to 20500.
- That is nearly 5000 points or 20%.
- There are still some negatives.
- Corona infection continue to rise in India, Europe and US.
- So far about 1 million people died and WHO said the death can reach 2 million.
- India specific news also there, both Pakistan and China borders, there are some problems.
- As long as there are no incremental bad news from Corona, markets can stabilise all over the world.
- ITC will be in focus as Maharashtra bans sale of lose cigarettes.
- Markets may open gap up but that gap up may be sold into.
- Then markets may go higher in the afternoon.
- European cues and Interest on Interest case will decide the market direction in the afternoon.
- With ti
- his gap up, Nifty will be up more than 300 points in two days, remember it fell 750 points in 4 days.
- This volatility is likely to continue throughout October.
- Usually 5 week series, that too results season 5 week series, tend to be volatile.
- Bank Nifty may out perform today.
- Nifty future may trade between 11000 and 11180.
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