Pre Market Report, December 29, 2020 | Stocks and Commodities

 December 29, 2020

Time: 8 am

Pre Market Report:

1. US markets closed higher after stimulus bill.
2. Asian markets are mostly positive.
3. SGX Nifty is up by about 50 points.
4. Bank Nifty faced resistnace around 31K.
5. Today it may be taken out.
6. Nifty is nearly 15% higher than last ATH of about 12400.
7. But Bank Nifty is still far below last ATH of about 32500.
8. Kotak Bank hit another ATH.
9. It is almost 2000.
10. Remember, last quarter when they declared the results, it was 1350.
11. Axis Bank ICICI Bank are likely to break out.
12. Reliance is still struggling.
13. When a small intraday correction came, Reliance was the first one to fall and then HDFC Bank.
14. As usual, FIIs keep buying, DIIs keep selling.
15. DIIs have been selling since Nifty @ 11800.
16. I thought markets may consolidate in the last week.
17. But it looks like, it is trending.
18. Surprisingly, there was no volatility, despite DIIs are selling in huge quantities.
19. Nifty future from 13150 from last Monday to 13900 this Monday.
20. Fantastic rally of 750 points without even a small correction.
21. Looks like Nifty wants to touch 14K before the end of this year.
22. Nifty 13800PE added huge OI.
23. Smart money is selling 13800 and below PEs.
24. In Bank Nifty 30500PE added huge OI and total OI also highest there.
25. So smart money must be selling 30500PEs and below PEs.
26. Continuous rise is not good for markets.
27. Some correction, may a small one, is required.
28. Let us hope, that happens when Nifty touches 14K.
29. Nifty may take support at 13800.
30. Resistance may be around 14K.