Pre- Market Report, September 2, 2020

• US markets closed at another record high.
  
  
• But Indian markets are facing its own issues.
  
  
• Yesterday was one of the worst volatile days.
  
  
• Bank Nifty was making more than 300 points move times.
  
  
• Yesterday, a lot of traders had issues with trading.
  
  
• For example, my account showed minus Rs 20K
  
  
• When I asked the broker, he said, now we are reflecting the limit given by NSDL.
  
  
• All my shares and mutual funds are pledged, but not getting the correct limit.
  
  
• If I square up to one position, I can not create another position as the balance is showing minus.
  
  
• Many traders pledged but the system was not reflecting any limit.
  
  
• They were asked to do pledging again.
  
  
• For one of my friends, the pledging system says, "Under Process" for more than 3 days.
  
  
• He also could not trade.
  
  
• In the last 15 minutes, there was a short covering.
  
  
• Both Nifty and Bank Nifty spot did not move but Nifty and Bank Nifty futures moved higher.
  
  
• Nifty future closed more than 50 points higher than the spot and Bank Nifty future more than 100 points.
  
  
• That is a positive sign.
  
  
• The dollar index was below 92 yesterday but now above 92.
  
  
• The rupee appreciated yesterday due to the dollar index, it was trading below 73.
  
  
• FIIs, after selling for more than Rs 3000 crores the day before yesterday due to MSCI rebalancing, turned net buyers.
  
  
• But DIIs have turned net sellers.
  
  
• Most of the Asian markets are higher.
  
  
• But Hong Kong is down, after seeing Hong Kong markets, SGX Nifty also down by 30 points from an intraday high of 11546.
  
  
• Yesterday metal stocks were up significantly.
  
  
• Today the focus will be the Supreme Court hearing about the Moratorium and Interest on Interest waiver case.
  
  
• But going by the track record, the verdict may not come today.
  
  
• Even the AGR case was dragged until just one day for the judge to retire.
  
  
• Volatility due to the new pledging system may continue for the next few days.
  
  
• Nifty future may trade between 11420 and 11600
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