Pre-Market Report, September 18, 2020

 Pre-Market Report:

• US markets closed lower but off the lows.
  
  
• When our markets closed here, Dow futures were down about 300 points.
  
  
• But Dow closed about half of that only.
  
  
• Yet Asian markets are trading with negative bias.
  
  
• SGX Nifty is almost flat.
  
  
• Bank Nifty is still not seeing any meaningful recovery.
  
  
• But at the same time, it is not falling much also.
  
  
• Bank Nifty taking support in the range 22200-22300.
  
  
• The rest of the series may continue to go for consolidation.
  
  
• FIIs and DIIs both were net sellers in the cash market yesterday.
  
  
• DIIs have sold aggressively, for Rs 1068 crores.
  
  
• Weak Bank Nifty, Institutional selling, Global cues are the negatives.
  
  
• But who knows, when everything looks negative, people will cover the shorts and that can trigger a short-covering rally.
  
  
• Yesterday Nifty was down but not out.
  
  
• Buying came at lower levels.
  
  
• Maruti shot up nearly Rs 150 from the lows.
  
  
• Some Asian markets are recovering and trading in Green while I am writing this report.
  
  
• Nifty has to cross 11580 and Bank Nifty 22700 for further upside.
  
  
• Until then it is going to consolidate in a narrow range.
  
  
• September has been a highly volatile month.
  
  
• Usually high volatile months will see a huge trending in the last week on either side.
  
  
• I am expecting a 250-300 point move next week.
  
  
• That is very much possible if Bank Nifty sees some short covering.
  
  
• For today, it may be just consolidation.
  
  
• Reliance has broken 2300 on the downside.
  
  
• That is a key stock to watch for market direction.
  
  
• HDFC Bank helping Bank Nifty to stabilize.
  
  
• Nifty future may trade between 11480 and 11600.

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