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PRE MARKET REPORT, AUG 24, 2021

  • Wall Street rallied and Nasdaq closed at all time high
  • Asian markets trading higher
  • SGX Nifty indicating a gap-up of 95 points need to watch if this gap-up will be sold into or sustained
  • FIIs net sold shares worth Rs 1,363.36 crore while DIIs net bought shares worth Rs 1,452.51
  • 8% underperformance for Midcap Index in August and Small Cap Index at 10% correction
  • Bank Nifty 20 DMA of 35,450 need to be watched closely
  • Nifty IT continues to outperform is up 40% this year and 11% in Aug
  • Worst market breadth since March 2020
  • Advance/decline would be the key index to track again
  • Mental has been beaten badly in the last few trading sessions, Tata Steel in metals looks very good
  • Nifty might trade between 16,450 to 16,620 ahead of monthly expiry
  • Nifty PCR 0.99 and Bank Nifty PCR 0.99