Pre Market Report, Feb 2, 2021 | Stocks and Commodities

 Feb 2, 2021

Time: 8 am

Pre Market Report:

1. US markets closed positive.
2. GameStop down by 30%.
3. Silver up by 10% yesterday.
4. Asian markets are higher.
5. SGX Nifty is higher by 60 points.
6. Yesterday, it was the day of Banks and Financials.
7. PSU Bank index, Pvt Sector BAnks index, Financial Services Index all up 7 to 8%.
8. ICICI Bank, IndusInd Bank, SBI all hit upper circuit yesterday.
9. Yesterday, it was Nirmala Candle 2.
10. I always say "Bull market corrections are fast and furious"
11. Bank Nifty fell more than 3000 points in just few days and shot up in just one day.
12. It was a budget like never before and hence markets also reacted like never before.
13. Except Pharma index all other sectoral indices were up.
14. But only Bank Nifty has out performed while other sectors did not move much.
15. Today other sectors may catch up.
16. But today we can expect DIIs to sell aggressively at higher levels.
17. One day, everything has changed.
18. Even without budget, our markets would have gone up.
19. But not this much, budget only helped markets too move higher violently.
20. If you remove Banks and Financials, yesterday's market was just a normal one.
21. Both Nifty and Bank Nifty futures traded at huge premiums to their corresponding spot prices.
22. That may go down in next few days.
23. Bank Nifty future is almost 400 points higher than the spot.
24. Reliance has not made any meaningful move.
25. It is still struggling around 1900.
26. Maruti fell more than Rs 1000 last month.
27. HDFC will be in focus ahead of its results.
28. We have to be careful at higher levels.
29. India VIX fell by 8% and it may continue to fall.
30. Nifty future may trade between 14320 and 14520.