March 15, 2021
Time: 7.35 am
Pre Market Report:
Asian markets are struggling for direction.
Some markets like South Korea moving between Green and Red.
SGX Nifty hit a high of 15167 and then down by about 60 points.
On Friday, we under performed world markets by falling 500 points from intraday high.
Today that may get corrected.
We are likely to be in Green irrespective of Global cues.
On Friday, Dow closed at all time high while Nasdaq corrected significantly.
After 11 trading sessions in March series, we are back to square.
Nifty closed at 15100 in Feb expiry and now also it is trading around that level only.
Calls are written aggressively from 15200 to 15500 in weekly options.
Markets should recover quickly, in next few days to cross 15450.
Otherwise 15450 will be considered as double top. (Though 15450 traded at SGX, not in India)
US 10 year bond yield at 1.62% after hitting 1.64%.
That is bound to create some ripple effect in stock markets.
US Dollar is also appreciating, Crude is higher.
All these are not good for our markets.
So we are bound to see profit booking at higher levels.
India IIP contracted 1.6% and CPI Inflation was higher at 5.03%.
Probably some people expected this and that could be the reason for such a big profit booking on Friday.
Despite such a big intraday fall of 500 points, India VIX did not shoot up much.
So the downside may also be limited as ling as India VIX is between 20 and 25.
This week will be a week of Central Bank ploicy.
US Fed meet on Tuesday and Wednesday, ECB and Bank of England on Thursday, Bank of Japan on Friday.
Central Banks comments will be watched keenly.
Just now China declared Industrial production data and reatil sales data.
Both seems to be better than expected.
Asian markets are recovering after these data.
Nifty is likely to trade between 15000 and 15220.
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