Pre Market Report, October 23, 2020 | Stocks and Commodities

 October 23, 2020

Time: 8 am

Pre Market Report:

1. US markets closed slightly higher.
2. But the trading was choppy.
3. Stimulus does not seems to come, only soothing words from leaders.
4. Dow was down about 200 points.
5. Pelosi tweeted saying, "Deal is just about there"
6. Dow recovered the entire loss.
7. But so far, no announcement regarding Stimulus.
8. Asian markets are mixed.
9. SGX Nifty is slightly down.
10. DIIs have sold for Rs 2020 crores in Cash market.
11. That is a shocking figure.
12. In the previous three trading sessions, they have already sold Rs 5000 crores.
13. So in 4 days, total sell is Rs 7000 crores.
14. But in all 4 days, on close to close basis, Nifty closed almost flat.
15. Profit booking happening in all sectors.
16. Reliance is still very weak.
17. Yesterday there was some stability in IT stocks.
18. Bajaj Auto came with not so good results.
19. So Auto pack did not do well.
20. But all Cement companies and Metal companies doing well.
21. Today JSW Steel will declare results.
22.  Now the last round of Presidential debate is going on in US.
23. Joe Biden seems to be winning the debate. (Just my judgment, I may be wrong)
24. "Anyone responsible for 200K death does not deserve to be a President", "I have shown my Income Tax documents for 22 years, you show me just one" are some of the statements making impact.
25. We are entering into the last week of October series.
26. Volatility may continue and we can expect profit booking at higher levels.
27. This huge selling by DIIs has to stop for Nifty to move beyond 12K.
28. If there is some news about Stimulus during the weekend, we can move higher next week.
29. But that possibility is very low as we are very close to US elections.
30. Nifty future may trade between 11800 and 11980.