March 31, 2021
Time: 8 am
Pre Market Report:
- US markets closed lower.
- But right now, US Futures are higher.
- Asia is mixed.
- SGX Nifty is down by about 40, 50 points.
- Yesterday both FIIs and DIIs together have bought for about Rs 3000 crores in Cash market.
- That is why the markets sustained the gap up.
- At least Bank NIfty saw some selling in between, but Nifty was very strong.
- Nifty finally ended up with more than 300 points higher.
- With this, from last Tuesday to this Tuesday, Nifty moved from 14900 to 14260 and then back to 14900.
- Now it will be interesting to see whether market consolidates or moves higher.
- It was IT and HDFC Twins that out performed yesterday.
- Reliance has met with some selling pressure in the last hour of the trade.
- HDFC Bank was up 4% and that supported the Bank Nifty also.
- From today, for next two weeks, there there will be lot of Economic data.
- Starting today, GST Collection, Core Sector Growth, Monthly Auto and Cement sales data, Manufacturing and Services PMI data, CPI and WPI Inflation data, IIP data are due in next two weeks.
- ADP Payroll data and Unemplyment data from US this week are also important.
- Since markets corrected in March series, April series will be watched keenly for longer term trend of the market.
- For short term, we can expect Nifty to trade between 14600 and 15000.
- Hyndai, in South Korea, will be closing their plants for one week, due to semiconductor shortage.
- If any such news comes here, then Auto stocks may come under pressure.
- Since IT, Metals, Pharama, FMCG out performed yesterday, we need to see whether Reliance and Banking Stocks help the markets to move higher.
- SGX Nifty is indicating opening around 14860, which is about 60 points lower.
- But the downside may not be high, markets will take support at lower levels.
- That is due to (i) huge buying both by FIIs and DIIs in Cash market, (ii) Year End Window dressing.
- Nifty future may trade between 14800 and 15000.
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