Pre Market Report, April 16, 2021 | Stocks and Commodities

 April 16, 2021

Time: 8 am

1. US markets closed at another record high.
2. But Asian markets are mixed.
3. SGX Nifty is slightly lower.
4. WIPRO ADR is up 7.5%.
5. After huge profit booking, TCS recovered yesterday.
6. Except Infosys, all other IT stocks are doing well.
7. Who knows, even Infosys may recover today.
8. There was short covering in HDFC Bank ahead of its results on Saturday.
9. China GDP data came in line with expectation.
10. But that is not helping any market.
11. But there are some positive for our markets.
12. One, markets seems to have factored in the Corona issue.
13. Two, FIIs have turned net buyers in Cash market.
14. Three, the premium of Nifty future over spot has disappeared completely.
15. Usually markets bottom out when premium is wiped out.
16. Four, FIIs seems to have taken bullish view in F&O.
17. So the downside seems to be limited.
18. There is a wrong information floating around that Reliance is declaring results today.
19. That is not true.
20. In fact, next week also, only ACC and ICICI Bank are the key companies that are set to declare results.
21. Reliance, probably may come out with results in the 5th week.
22. So far, no official news.
23. After IT, now it is time to focus on Banking stocks.
24. HDFC Bank this Saturday and ICICI Bank next Saturday results.
25. Markets are sluggish for the last two months and it is likely to continue.
26. But markets can be highly volatile.
27. In weekly options, 14000PE added huge OI and 15000CE also.
28. This week is a 4 day week as next Wednesday is a holiday.
29. Markets are bearish, Nifty closeda around 14600, but 14000PE premium is much higher than 15000CE.
30. Nifty future may trade between 14520 and 14720.