Pre Market Report, November 3, 2020 | Stocks and Commodities

 November 3, 2020

Time: 8 am

Pre Market Report:

1. US markets closed higher.
2. Asian markets are positive.
3. SGX Nifty above last three day's high.
4. SGX Nifty is trading about 90 points higher, around 11765.
5. Pre election volatility is there.
6. Nifty fell from 12000 to 11500 and now 11750, a 50% retracement.
7. Bank Nifty shot up more than 1200 points at its high.
8. This kind of move, without any corresponding good news (like Nirmala Candle) is very very rare.
9. We can say, Good results from ICICI Bank.
10. But whenever there is a good results, stocks fell in the last few weeks.
11. Even IndusInd Bank shot up 8% after such a lackluster results.
12. Reliance alone dragged Nifty down by about 150 points.
13. Markets all over the world are sold off ahead of US Elections.
14. Now that is getting corrected.
15. Today is the D-Day.
16. US Elections.
17. We are likely to get the clear trend by tomorrow afternoon.
18. So our markets are likely to be volatile, both today and tomorrow.
19. Even in US markets, VIX came down slightly but here, everyday VIX moving higher.
20. HDFC results were good.
21. In fact, only after HDFC results, Financials broke out.
22. Markets can rally in the short term if Joe Biden wins.
23. India is in a sweet spot, Crude is down, Global cues are good.
24. FIIs have turned net buyers in Cash market and they have bought for Rs 740 crores.
25. However DIIs have turned sellers to the tune of Rs 533 crores.
26. If there is any follow through selling in Reliance, it will be very bad.
27. Those who missed the opportunity to invest in reliance last time, can consider investing now.
28. That is purely in long term perspective.
29. Banking stocks, Reliance will be in focus.
30. Nifty future may trade between 11620 and 11780.