December 2. 2020
Time: 8 am
Pre Market Report:
- US markets closed higher, but closed off the highs.
- Right now, US Futures are down.
- Asian markets are mixed.
- Now, US markets hit all time high, it is going for one day up and one day down game.
- Day before yesterday, it was down, yesterday it was up and today (as per Futures Indication) it is going to be down.
- SGX Nifty also dance according to US tunes.
- SGX Nifty on Friday night 13100, Monday afternoon (Indian markets were closed) 12820, yesterday night 13212 and now it is 13120.
- Yesterday's rally in our markets was surprising.
- People thought FIIs will not buy significantly as MSCI rebalancing was over.
- But they have bought for more than Rs 3K crores.
- People also thought volumes will be less due to SEBI rules regarding Peak Margin.
- But the real effect of Peak Margin will come only in September 2021.
- Right now, only intraday traders with huge leverage only will be affected.
- Rupee has appreciated by more than 30 paise yesterday is a good news for bulls.
- Reliance has shown some positive moves yesterday.
- What was surprising yesterday, Bank Nifty was up significantly, despite top 2 stocks, HDFC Bank and Kotak Bank closed in Red.
- IndusInd Bnak is up 400% from March lows.
- HDFC and LIC Housing Finance fell last week.
- Now they are moving higher.
- Nifty 13000PE added huge open interest in weekly options.
- So Nifty might find support at 13K this week.
- Call side, only 13500CE added more open interest.
- Bank Nifty 29500PE and 30000CE added more open interest.
- So Bank Nifty may consolidate between 29300 and 30200 (Taking Rs 200 premium into account).
- Usually Wednesday trades are hugely volatile.
- We have to see how the trade goes on today.
- With new SEBI rules regarding intraday leverage, volatility may be less on Wednesdays and Thursdays.
- PSU Banks are doing very well after a long time.
- All over the world, we can expect some consolidation.
- Nifty future may trade between 13020 and 13220.
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