Pre–Market Report: 21 APR 2022

 

Fact.

1.       Since the 5^th of April, the Indian stock market was falling just because of two-sector – IT and Banking. The main contributors in that fall were HDFCBANK, HDFC, and INFY. But yesterday all these three stocks showed some kind of strength.

2.       In US ADR HDFCBANK and INFY were higher by 2.34 % and 0.7 % respectively.

3.       There was short covering (-9.4 % APR and MAY) in the Nifty Future which indicates that people are thinking that the market will go higher from here.

4.       Today ICICIBANK may be a dragger for the market. It may close in red because on Saturday is going to publish its results and ahead of the result people prefer to book the profit.

5.       Commodities (Gold, Silver, and Crude Oil) are flat which is a good sign.

6.       Global Market, Asian markets are mostly in green except Hong Kong Market

7.       Yesterday Dow Jones closed in green, but Nasdaq in red. Nasdaq closed in red just because of Netflix which was down about -35 %.

8.       The only bad thing is that the FII is in still a selling mood. They have sold about Rs -3000 Cr yesterday.

9.       Currently SGX Nifty is showing about a 90-point gap up.

 

Conclusion.

Today we may expect the nifty to trade between 17000 to 17350.

 

Disclaimer: This blog is just for educational purposes and it represents my view. Don’t Consider it as advice as I am not SEBI Registered research analyst or advisor. Before taking trade do your research or consult your financial advisor. I am not responsible for any profit or loss that arises due to trading or investing.