Pre Market Report | 20 April 2021
In the war between positive cues and Covid, the virus is gaining upper hand in Indian markets, slowly but surely!
FPIs were net sellers y'day and it was DIIs who held the market from one end from falling further. This was discussed in yday's premarket report.
#NiftyPharma is the only major index that stayed green y'day. #NiftyBank, #NiftyMetal, #NiftyAuto and what have you, they all ended in deep red.
#Nifty50 moved in a range of 14193 to 14381 y'day. While the day by itself ended on a stronger note, there is no guarantee of continuing the sentiment to today.
Governments are taking several measures and it remains to be seen if markets will react positively.
SGX Nifty is now trading at 14388. A silent opening can be expected in Indian markets.
#Nifty50 support levels for the day are at 14200/14000 and resistance, 14483/14600.
Nifty Bank immediate support and resistance are at 30500/29600 and 31655.
It may be a mixed day today in the market. #Nifty may largely remain range bound with a negative bias.
Trade cautiously!