Pre-Market Report, September 11, 2020

Pre-Market Report:

• Yesterday when our markets closed, the Dow future was down more
  than 300 points.
  
  
• Then when their markets opened, Dow was up more than 300 points.
  
  
• Then markets fell and Dow closed more than 300 points down.
  
  
• A total swing of more than 1000 points.
  
  
• Dow broke Sep 8 low, but Nasdaq did not break.
  
  
• But right now US Futures are higher.
  
  
• Asian markets are mostly down, except Japan and Hong Kong.
  
  
• SGX Nifty is down by about 50 points.
  
  
• Yesterday Nifty was up about 170 points of which 110 points were just due to Reliance.
  
  
• Reliance is planning a 20 billion dollar stake sale to Amazon.
  
  
• Reliance in an Exchange filing, neither denied nor confirmed it.
  
  
• Markets will take this statement as affirmative.
  
  
  
• FIIs have bought for Rs 838 crores in the cash market.
  
  
• But DIIs continue to sell, they have sold for more than Rs 300 crores.
  
  
• Interest on interest case postponed by 2 weeks as Govt asked for 2 weeks time for its response.
  
  
• Bank Nifty seems to be oversold.
  
  
• There may be one short-covering rally.
  
  
• But do not know when that will happen.
  
  
• Nifty has recovered about 250 points from low but Bank Nifty did not recover proportionally.
  
  
• HDFC Bank is looking weak. That is the main reason for Bank Nifty's underperformance.
  
  
• For any meaningful recovery, HDFC Bank has to go up.
  
  
• India China Foreign Ministers meet, Interest on Interest case may be going in favor of Banks as Govt asking for 2 weeks time for its response, oversold nature of Bank Nifty, all pointing towards some short covering, it may happen in the last one hour of today.
  
  
• If no short covering happens until the end of the day, I am planning to sell Call options aggressively.
  
  
• Sold many Puts when Bank Nifty shot up to 25300, now sitting with huge losses.
  
  
• I have to manage that loss by selling Call options aggressively.
  
  
• Yesterday we did not follow Global cues.
  
  
• Let us see what happens today.
  
  
• Though US markets were down, Asian markets are not reacting proportionally.
  
  
• Nifty future may trade between 11380 and 11520.

 

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