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

 March 22, 2021

Time: 8 am

Pre Market Report:

1. Asian markets are mixed.
2. SGX Nifty is almost flat.
3. US markets showing divergent trend.
4. Dow Future down but Nasdaq Future up.
5. On Friday, our markets fell and broke monthly low.
6. But recovered in the aftrnoon and shot up due to short covering.
7. People are expecting FIIs to sell and shift money to US due to increase in US interest rate.
8. But that is not happening.
9. FIIs have bought for Rs 7000 crores in last one week.
10. That is really puzzling for the people who are expecting selling pressure from FIIs.
11. S&P said that India will be most affected by Taper Tantrum like situation.
12. Even in April expiry, Nifty 14000 PE is sold heavily by writers but Calls are not written aggressively.
13. This shows that Nifty will find huge support at 14000 even in April.
14. However resistance is still shown at 16000.
15. For next few days, we have to keep watching FII buying selling figures.
16. As long as there is no significant selling by FIIs, we will consolidate or even move higher.
17. Global cues right now is confusing.
18. We have to get some clear trend in Global markets also.
19. Usually in the last week of expiry, Nifty will make 250 to 300 points move in a volatile month.
20. This month is a volatile month.
21. So I expect Nifty to make at least 250 point move to expire either below 14500 or above 15000.
22. Reliance led the short covering rally on Friday.
23. Bank Nifty is still looking weak, particularly PSU Banks and ICICI BAnk.
24. As usual markets may follow Global trends in the morning and in the afternoon, FII/DII buying ?selling decides the trend.
25. Nifty future may trade between 14680 and 14920.