Pre Market Report, April 20, 2021 | Stocks and Commodities

 April 20, 2021

Time: 8 am

Pre Market Report:

1. US markets came under profit booking.
2. Asian markets are mixed.
3. SGX Nifty is higher by about 50 points.
4. We have not been following Global cues due to strong Local cues.
5. Yesterday Nifty broke two months low.
6. But buying emerged at the lower levels, triggered by huge buying by DIIs.
7. DIIs have bought for more than Rs 2000 crores.
8. Particularly HDFC Bank did well, falling just 1% even after not so good results.
9. Bank Nifty, as usual, making very big moves.
10. For the last two months, Bank Nifty has been making more than 1000 point move on many occasions..
11. Markets are likely to react to Headline news for next few days.
12. More than 3 weeks into April expiry, Nifty is almost flat.
13. March expiry, on March 25, Nifty closed at 14325.
14. Yesterday, Nifty closed at 14360.
15. But given the fact that Corona Virus wave 2, this is a commendable performance.
16. Banking and Financials took the hit and doing very badly.
17. Now there are some good news on Corona front.
18. (i) All adults will be given vaccine, (ii) States and private hospitals can buy vaccine direct from manufacturers, (iii) Reported cases in last 24 hours is less compared to previous day, (iv) PM will be meeting vaccine manufacturers today, etc
19. ACC and ICICI Pru came with good results.
20. But volatility is likely to contine.
21. SGX Nifty has already swung 120 points, from 14312 to 14440.
22. Bank Nifty is likely to be more volatile.
23. Nifty Future took support between 14200 and 14300 on multiple times.
24. That should act as a good support.
25. Since tomorrow is a holiday, we can expect today's trade to be highly volatile.
26. If markets open higher, continue to trade higher, then we can expect some selling in the afternoon around 1 pm.
27. Last one hour will be inteeresting, as tomorrow is a holiday, markets are likely to make big gap up or gap down opening.
28. If you remember last week, SGX Nifty was up 250 points while we were closed last Wednesday.
29. So traders may like to close their positions towards the end of the day which can make markets more volatile.
30. Nifty future may trade between 14280 and 14520.