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Pre Stock Market Report, September 30, 2020

 

  1. US markets closed in Red.
  2. But, right now, as Presidential Candidates debate is going on, US futures are higher.
  3. Asia opened lower. Australia and Japan opened lower while South Korea is closed.
  4. At 6.30 am, China Manufacturing and Services PMI came, which was better than expected.
  5. Both China and Hong Kong markets opened higher.
  6. SGX Nifty is trading about 30 points higher.
  7. Yesterday our markets were highly volatile.
  8. But still traded within a range of about 100 points.
  9. FIIs have resumed their selling after a gap of just one day.
  10. Yesterday they have sold for Rs 1457 crores.
  11. That is a huge figure as they have sold for Rs 10000 crores in last 5 days.
  12. So, on an average, they have sold for Rs 2000 crores per day, in last 6 days.
  13. Yesterday Metals, IT and Autos did well.
  14. Reliance and TCS supported the markets, otherwise Nifty would have fallen much more.
  15. On one side Reliance and TCS trying to bring markets higher and on the other side Banking stocks trying to bring the markets down.
  16. When Nifty closed almost flat, Bank Nifty fell more than 200 points.
  17. Markets consolidating after 2 days of sharp uptick of 450 points.
  18. But the volatility with which it is consolidating is a concern.
  19. Nifty 11180-11300 is a high volatile zone.
  20. So traders should wait for this range to be broken to take a directional view.
  21. Liquidity seems to be curbing in the Primary market due to many IPO's being launched.
  22. IPO's have been oversubscribing more than 50X each on average so majority funds are blocked there.
  23. India VIX is slowly inching higher.
  24. Today is Wednesday and hence there will be lot of volatility.
  25. Option premiums are high in weekly Bank Nifty options.
  26. Bank Nifty 21000PE and 22000CE combined premium is more than Rs 100.
  27. The way FIIs are selling, it is possible the markets may go for trending.
  28. US Presidential candidates debate is not having any negative impact in the world markets.
  29. Yesterday India VIX was up slightly.
  30. Hope Bank Nifty take support at 21300 which is yesterday's low.
  31. Nifty may trade between 11180 and 11320.
  32. Once this range is broken, markets may go for trending.
  33. Possibilities that Reliance may hold Nifty today.
  34. As they have some more Investments from General Atlantic.
  35. Just as I type Dow Futures down 1% after the Presidential debate after they were in Green.
  36. So get ready for a high Volatile session today.
  37. Nifty might Trade between 11120-11340 today.
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