Pre-Market Report, September 16, 2020

 Pre-Market Report:

• US markets closed in Green but of the highs.
  
  
• So Asian markets are mostly flat.
  
  
• SGX Nifty is down by about 20 points.
  
  
• After a long time, Bank Nifty closed at the highest point of the day.
  
  
• This month, Reliance is up about 10%, the IT index is up about 10%, but Bank Nifty is down by about 10%.
  
  
• IT, Pharma, Reliance have been doing well.
  
  
• In case, if Bank Nifty recovers one-third of what it lost, Nifty can retest 11800.
  
  
• Incremental positive news keeps coming for Reliance and that is holding above 2300.
  
  
• HDFC Bank turned around yesterday, after huge selling.
  
  
• Going forward, we can expect Bank Nifty to outperform, just because it is oversold.
  
  
• FIIs were net buyers in the cash market and they bought for Rs 1171 crores.
  
  
• What is surprising, DIIs are net sellers for the 11th straight week.
  
  
• DIIs have sold for Rs 896 crores.
  
  
• Bank Nifty 22000PE went from Rs 60 to Rs 300 on Monday, came down to Rs 70 on Tuesday.
  
  
• Hopefully, goes to zero by tomorrow.
  
  
• In these months, we have not been following Global cues on many days.
  
  
• Bank Nifty resistance is at 22800.
  
  
• If that is crossed, we can expect further short covering to take Bank Nifty above 23000.
  
  
• We need a trigger for that, who knows? Fed meeting outcome can be a trigger.
  
  
• Otherwise, generally, the Fed meeting is a non-event.
  
  
• Reliance has been consolidating.
  
  
• Bank Nifty future may trade between 22200 and 23000.

• Nifty future may trade between 11460 and 11580.

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