Pre-Market Report, September 15, 2020

 Pre-Market Report:

US markets closed higher.

World markets are stabilizing after two weeks of a downtrend.

Asian markets are mixed.

Japan is down while most other Asian markets are up.

Yesterday, huge intraday selling was a surprise.

In fact, we had many such intraday falls in the last two months.

The severe one was on last Monday when Nifty fell from 11800 to 11350.

Now SGX Nifty is trading about 30 points higher.

IT stocks shot up after guidance from HCL Tech.

IT stocks shot up despite appreciation in Rupee.

Banking stocks are the main drag.

From the September series high, Bank Nifty is down more than 3000 points.

That is about 15%.

HDFC Bank leads the fall.

CPI Inflation data came slightly better than expected yesterday evening.

Just now, China Industrial production data also came better than expected.

US futures turned positive after this data.

Despite such a big intraday fall, FIIs were net buyers in the cash market yesterday.

DII selling is very little.

So yesterday's fall was not because of Institutions.

Reliance is consolidating around 2300.

Mid-caps and small caps did very well yesterday.

That is due to the expected demand from Multi Cap funds.

Markets were highly volatile for the last two weeks.

But after more than two weeks, Nifty is still around 11500.

But the premiums did not come down much due to an increase in India  VIX.

We can expect some big move only next week.

This week, consolidation may continue.

Nifty future may trade between 11400 and 11580.

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