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PRE MARKET REPORT, DEC 16, 2021

  • Wall Street ended sharply higher on Wednesday after the US Federal Reserve said it would end its pandemic-era bond purchases in March
  • Asian markets mostly trading higher
  • SGX Nifty indicating gap-up of 100 points
  • FIIs net sold shares worth Rs 3,407 crore while DIIs net bought shares worth Rs 1,553 crore
  • FIIs selling remains a huge cause of concern due to which markets not able to move forward
  • Nifty 17,150 remains a crucial level to watch any break will turn market negative
  • Nifty needs to cross 17,350 and sustain above for any short covering
  • Weekly expiry today and looking at OI 17,300 looks to be stiff resistance as significant call writing
  • Markets likely to open above 17,300 levels and need sustain above for any meaningful short covering
  • Any short covering rally has to be led by Bank Nifty as Bank Nifty looks stronger than Nifty for now
  • Nifty PCR 1.01 and Bank Nifty PCR 0.88