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PRE MARKET REPORT, NOV 17, 2021

  • US Markets closed higher on back of better than expected retail data
  • Asian markets trading mixed in the morning
  • SGX Nifty indicating a negative opening with 58 points cut
  • FIIs net sold shares worth Rs 560.67 crore while DIIs net purchased shares worth Rs 577.34 crore
  • Looking at HDFC and HDFC Bank it was clear that FIIs were selling
  • Most of the banks have fallen more than 10% from the recent highs as compared to Nifty which has fallen 5%
  • Looking at RSI and PCR markets are clearly over sold market
  • For now Nifty showing support around 17,800 which is again the recent lows
  • Nifty first support should be around 17,900 and 17,800 and Resistance around 18,200
  • Nifty PCR 0.89 and Bank Nifty PCR 0.69