Pre Market Report, Feb 22, 2021 | Stocks and Commodities

 Feb 22, 2021

Time: 8 am

Pre Market report:

1. Asian markets are higher.
2. But SGX Nifty is up just 10 points.
3. Markets are stabilising after 1 week of selling Globally.
4. But local cues are not good.
5. FIIs bought just for little over Rs 100 crore on Friday.
6. But DIIs continued to sell for over Rs 1000 crores.
7. Since we out performed on the higher side, due to budget, now we are out performing on the down side also.
8. Markets are falling just due to profit booking.
9. Te fall was not by any bad news.
10. Increase in interest rates in US i the reason mentioned for Global sell off last week.
11. Nifty has already fallen 400 - 500 points in last one week.
12. There are no triggers in the short term, either positive or negative.
13. So markets may consolidate and may maintain negative bias if DII selling outnumbers FII buying for next few days.
14. Though US markets are not falling much, they are stuggling to move higher also.
15. Meanwhile Corona resurgance talk in Maharashtra and other states is not a good news.
16. Huge call writing has happened on Friday.
17. So markets upside may be limited to 15200-15300 until expiry.
18. It was Pvt Sector banks that dragged the markets earlier, on Friday PSU Banks also joined.
19. Markets may be volatile due to positive Global cues and negative local cues.
20. Luckily Reliance is looking strong.
21. Otherwise Nifty would have fallen even more.
22. Huge Put writing was seen at 14800.
23. So Nifty may trade between 14800 and 15250 for next few days.
24. Action is being shifted to March series.
25. Nifty 14000PE is adding huge open interest in March series.
26. More Puts are written in March than Calls.
27. Means people are not expecting big fall in markets from here.
28. Nifty 14000PE is trading more than Rs 80 in March series.
29. Keep close watch on Reliance and top Pvt sector banks like HDFC Bank, ICICI Bank, Kotak Bank.
30. Nifty future may trade between 14900 and 15120.