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Pre Market Report, November 9, 2020

 November 9, 2020

Time: 7.45 am

Pre Market Report:


  1. Joe Biden has won the US Election (Though Trump has not agreed).
  2. Asian markets are higher.
  3. US & European Futures are higher.
  4. SGX Nifty hit a high of 12450 plus.
  5. That is above All Time High of Nifty 12430.
  6. Looks like early Diwali for bulls.
  7. I will come out with a video about impact of Joe Biden's presidency for India and Indian markets.
  8. We are likely to open above 12400 today.
  9. There will be some panic short covering and then markets may cool off.
  10. DIIs will surely sell by big numbers today.
  11. So there will be at least one intraday minor correction.
  12. Even on Friday, when FIIs pumped in more than Rs 4000 crores, Bank Nifty, at one point, fell from 26850 to 26500.
  13. That is a decent fall of 350 points, but quickly recovered almost entire losses.
  14. Now the only headwind is Corona.
  15. That too is a big problem only in Europe and US right now.
  16. Asia is doing very well in controlling the Virus.
  17. There will be one more leg of this rally, if there is any meaningful improvement in Corona Vaccine.
  18. For the time being, Nifty may trade between 12200 and 12600.
  19. Nifty is around all time high but Bank Nifty is still 5000 points away from all time high.
  20. If the momentum continues, Banking stocks are likely to do well.
  21. Bihar election exit poll shows RJD-Congress may win the election.
  22. But Bihar elections may be a non event for markets.
  23. With strong Global cues, FIIs strong flow, Bihar news will be ignored.
  24. It is time to focus on value stocks now.
  25. Stocks like ITC, PFC, REC, IOC, Coal India may be good bets as downside risk will be very less.
  26. But upside may not be fantastic but risk is very less.
  27. In October series also, Nifty shot up 1200 in first two weeks.
  28. Next three weeks, markets consolidated.
  29. With this gap up, Nifty is up by more than 900 points and markets may peak out around Diwali.
  30. And then for next two weeks markets may consolidate.
  31. Nifty future may trade between 12320 and 12480.


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