Pre Market Report, March 24, 2021 | Stocks and Commodities

 March 24, 2021

Time: 7.35 am

Pre Market Report:

1. US markets closed lower.
2. Asian markets are mixed.
3. SGX Nifty is down slightly.
4. Crude is down by more than 4%.
5. Crude is down by about 15% in last one week.
6. In fact, our markets under performed world markets mainly due to higher Crude prices.
7. Now the Crude has come down to about US$60, let us see whether we out perform.
8. Many top banks have fallen between 10 to 20%.
9. SBI from Rs 430 to 365, ICICI Bank from Rs 680 to Rs 570, Bank Baroda from Rs 97 to Rs 70, etc.
10. Now the unceratinty about interest on interest case is out.
11. Still Bank Nifty has a long way to go.
12. Nifty has not fallen 10% from recent high but Bank Nifty has fallen.
13. Another important stcok to watch is Reliance.
14. Usually in a falling Crude prices, Reliance tend to under perform.
15. If Banks and Reliance are not doing well, then there can be no meaningful recovery in markets.
16. Only large caps are struggling, mid caps and small caps are doing well.
17. Day before yesterday, huge addition of OI was seen at 14800, 14900, 15000.
18. Yesterday, huge OI addition was seen at 14800 and 14700.
19. Now straddles are positioned at 14800.
20. Markets are not likely to make any big move.
21. That is what Option Open Interest indicates.
22. But nothing can be sure, I still feel there are still shorts left in the system.
23. Sometimes, clear trend will emerge only next day of an important event.
24. Yesterday, interest on interest case was over.
25. So today we can expect some clear trend in Bank Nifty.
26. Nifty future may trade vetween 14720 and 14920.