• Comments Off on PRE MARKET REPORT, MAY 23, 2022

PRE MARKET REPORT, MAY 23, 2022

  • US Markets ended flat on Friday
  • Asian markets trading flat
  • SGX Nifty indicating flat opening
  • FIIs net sold worth Rs 1,265.41 crore while DIIs net bought worth Rs 2,148.95 crore
  • FII short exposure down from 82% to 60%
  • Govt unveils inflation fighting package
  • Big cut in petrol, diesel price to lift sentiment
  • Nifty has been making 300-400 points move daily
  • Nifty 20 DMA is at 16,510 first test likely if markets favourable
  • Bank Nifty 20 DMA is at 34,900 which is around 700 points away
  • If Nifty 20 DMA at 16,510 acts as resistance then further downtrend will be confirmed
  • If nifty manages to trade above 20 DMA strong short covering rally can happen