Pre Market Report, Feb 10, 2021 | Stocks and Commodities

 Feb 10, 2021

Time: 8 am

Pre Market Report:

1. US markets ended mixed.
2. But most Asian markets are higher.
3. Inflation data from China is as per expectation.
4. SGX Nifty is up by about 50 points.
5. Yesterday Nifty hit fresh all time high.
6. But due to huge profit booking by DIIs, Nifty fell 200 points from intraday high to low.
7. DIIs sold more than what FIIs bought in Cash market.
8. ITC fell ahead of its results today.
9. Reliance came under selling pressure when it tested 2000.
10. Bank Nifty was vey volatile.
11. In the morning, it was down 400 points, then shot up 1000 points from low, only to fall 600 points from high.
12. ICICI Bank hit fresh all time high yesterday.
13. Stock specific actions continue as many companies are declaring results.
14. Global cues are supporting Bulls now.
15. So on any intraday dips, better to sell Put options.
16. Even 14000PE/16000CE give good reward for the margin deployed.
17. We have only 12 more trading sessions, so Nifty will find very good support at 14K.
18. If Reliance crosses 2000, then we can expect positional short covering in Reliance and that will help Nifty.
19. After a drean run in last 7 trading sessions, markets are likely to consolidate in a wide range.
20. As long as FIIs are in buy side, Pvt Sector Banks will do well, if Reliance also picks up, then Nifty can move higher.
21. Usually markets will be highly volatile on Wednesdays.
22. But huge volatility was seen yesterday.
23. So we do not know how much volatile today's market.
24. But one thing is sure, if Nifty moves above 15250, then DII selling will come.
25. If Nifty moves below 15K, FII buying will come.
26. So we can expect Nifty to trade between 15000 and 15250.
27. Reliance is a stock to watch today, if 2000 is crossed, momentum will return.
28. ITC will also be in focus ahead of its results today.
29. SBI is consolidating between 390 and 405.
30. Bank Nifty clear resistance around 36600.