PRE MARKET REPORT, APRIL 12, 2021

  • SGX Nifty is down by about 200 points without even any lockdown announcement by Maharashtra
  • Potential lockdown in Maharashtra emerging as a serious risk
  • Maharashtra is economically most important state in India
  • Bank Nifty has fallen 14% from highs, beginning to price in risks
  • Bank Nifty repeatedly halting at 100 DMA, looking very weak
  • Nifty not in breakdown mode yet as IT, FMCG and Pharma are doing well
  • Next few weeks could see a massive surge in Pharma stocks
  • Lot of money will continue to shift from eco stocks to Pharma
  • Today evening, TCS declares results
  • Infosys is planning share buyback, positive news for Infosys
  • Nifty future may trade between 14680 and 14880