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Pre Stock Market Report, September 8, 2020

 

Pre Stock Market Report, September 8, 2020

  1. US markets were closed yesterday.
  2. So no big Global cues.
  3. Dow future recovered all their losses and trading in Green now.
  4. But still Nasdaq is trading in Red.
  5. That is not bad as money will be moving from Technology stocks to Non Technology stocks.
  6. That is sector rotation.
  7. Sector rotation happens in bull market.
  8. There are some negatives specific to India.
  9. One, DIIs keep selling heavily every day.
  10. Even yesterday, they have sold for Rs 815 crores.
  11. They have been consistent sellers for the last 9 weeks.
  12. Yesterday Idea - Vodafone event was a non event.
  13. There was nothing Major except a name change.
  14. This is nothing to be considered as Strategic alliance.
  15. Bank Nifty is looking very weak.
  16. Second, India-China border problem still going on.
  17. Over the weekend, Defense Ministers met, now Foreign Ministers meeting.
  18. Any escalation at India-China border is surely not a good news.
  19. Positive thing is that US markets are stabilising after a sharp fall.
  20. Our markets are so volatile.
  21. Yesterday, in last half an hour, Bank Nifty fell 300 points and then shot up 300 points.
  22. Reliance supported the market in the last hour.
  23. ITC opened round Rs 181, shot up to Rs 190.
  24. ITC is a good buy around Rs 180.
  25. Usually high volatile market will be the sign that market tops out or bottoms out.
  26. Due to huge volatility yesterday, yesterday's low should be the low for this series, if there is no negative news from the border.
  27. But any rise, will be sold into.
  28. Nifty is likely to consolidate between 11350 and 11550 for next few days.
  29. There seems to be firing at India-China border which has not happened in last 40 years.
  30. Though China side claims that it is a waning shot, tensions bound to rise.
  31. This kind of things happening even after defense ministers of both countries met during the last week end.
  32. In fact SGX Nifty is trading negative, if that is an indication, India will be the only country to open negative in Asia.
  33. K V Kamath Committee recommendation may be a non event for Banking stocks.
  34. Nifty future may trade between 11300 and 11450.
  35. The view as of now is Negative - Neutral.
  36. Traders should look to sell into any Pullbacks.
  37. Buying on dips should not work for now.
  38. Markets can remain Irrational for some time now but sooner or later they will come in line with economy.
  39. Nifty might Trade between 11200-11380 today.

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