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Pre market report for 9th June 2020 -Nifty Bank Nifty


CURTAIN RAISER for 9th JUNE NIFTY
  • S&P 500 wiped out all the losses of 2020.
  • Nasdaq is at all time high.US market closed higher
  • Asian markets are mixed.
  • SGX Nifty is up by about 50 points.
  • Yesterday morning I said, markets are opening gap up but Nifty future likely to break 10200, at least once.
  • But it broke 10200 and traded below that level and closed "Doji" pattern.
  • That shows indecisiveness.
  • We are struggling between positive Global and negative Local cues.
  • We are struggling between FIIs who are buying and DIIs who are booking profits.
  • OI at level of 10500 and 9500 is still very high
  • Hence markets are highly volatile.
  • Yesterday Nifty future fell more than 200 points from intraday high to intraday low.
  • Bank Nifty was going all over the places.
  • Bank Nifty future fell 900 points from intraday high to intraday low and recovered about 300 points.
  • We are under performing world markets and that may get corrected in the next few weeks.
  • Yesterday many index heavy weights like HDFC Bank, Reliance, Kotak Bank fell more than Rs 50 from intraday high to intraday low.
  • Surprisingly, yesterday HDFC Bank and Reliance contributed most for Nifty fall.
  • Since morning HDFC Bank was under performing, may be some index management.
  • Reliance met with selling pressure many times around 1620, so need to watch very carefully, if Reliance crosses 1620, it can go to 1700 lifting the Nifty.
  • In that case, even Nifty 10500 target is not difficult.
  • More shorts are being created around all time high price, one short covering is enough.
  • Auto stocks will be in Focus as Hero Moto declares results.
  • Yesterday's high volatile market and closing at Doji pattern indicates markets are likely to break out or break down.
  • The probability of break out is high.
  • So I am not selling any Call options except for hedging.
  • Nifty future may trade between 10120 and 10320.
  • Traders keep selling put options for next series and this series as well from 10200 to 10500

Comments

  1. TradersgurukulJuly 10, 2020 at 3:38 PM

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    ReplyDelete
  2. Phani KumarJuly 17, 2020 at 6:07 PM

    hi

    ReplyDelete
  3. DariyaOctober 3, 2020 at 3:07 PM

    Great work ! I am very interesting to read your blog post. Thanks for sharing
    Nifty breaks at 11K
    Nifty
    sensex




    ReplyDelete
  4. sandeepNovember 9, 2020 at 5:45 PM

    Your blog information to good keep it up.
    Free Trading tips

    ReplyDelete

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