Pre Market Report, March 23, 3021 | Stocks and Commodities

 March 23, 3021

Time: 8 am

Pre Market Report:

1. US markets closed higher.
2. Asian markets are mostly higher.
3. SGX Nifty is slightly higher.
4. SC ruling on loan moratorium case is due to today.
5. That could be one reason why Bank Nifty under performed yesterday.
6. But in my opinion, there will be nothing new in the verdict.
7. FIIs were net sellers yesterday.
8. So markets may see selling pressure at higher levels.
9. Nifty 14800, 14900, 15000CE all added huge OI.
10. Markets will find resistance at every level.
11. Markets can be volatile.
12. What is surprising, S&P 500 VIX came down by 10%.
13. Now it is below 19.
14. But here in India, it is still above 20.
15. With consolidation in markets, India VIX may fall.
16. In that case, straddles will do very well.
17. Yesterday not only Banks, Reliance also did not do well.
18. ICICI Bank has fallen nearly 20% from recent high.
19. After stellar rally in October, November, December, January, February, from 10800 to 15400, March series may close in Red.
20. Last correction came in late January, Budget lifted the markets.
21. But this time, Nifty fell from 15400 to 14400, but markets are struggling.
22. February expiry was around 15100, but now we are around 14750.
23. We have only 3 trading sessions in this expiry.
24. The only star performer in this series is ITC.
25. Nifty future may trade between 14650 and 14900.
26. For meaningful move, Bank Nifty should see some short covering.