Pre Market report

21-08-2020

Global Cues
• Strong earnings from U.S. technology firms drove Wall Street higher on Friday.
• The S&P 500 and the Dow slipped on Thursday after weekly jobless claims rose unexpectedly
• Federal Reserve's view of a difficult road to economic recovery also dragged the indices
• Crude Oil Futures fell as the jobless claims’ numbers intensified fears of a weakening in demand
• European stocks were hit by a wave of selling after the U.S. signalled a weak recovery
• SGX Nifty is 100 points up, so market will likely open positively

Indian markets
• Nifty snapped a 2-day winning streak and held 11,300 in a volatile session
• Reliance and financials dragged Nifty while energy and power stocks gave mild support
• FIIs were net sellers of worth Rs 268.46 Crore and DIIs were net seller of worth Rs. 672.23 Crore
• Nifty Bank ended weekly expiry 1.4% lower, losses led by HDFC Bank & ICICI Bank
• Nifty Metal and Energy were top gainers with Nifty IT losing the most
• SC on AGR dues said that almost the entire AGR dues will be wiped out in the IBC process. August
21 to be the fifth-day of hearing on the same
• RBL Bank's board approved raising Rs 1,566 crore through a preferential share issue to a set of
investors
• Nifty managed to hold its 11,280-11,300 support zone which remains an important level to watch
for, however, any violation of this support zone may cause further weakness towards 11,250-11,200
• The short-term trend of Nifty is slightly negative. The overall uptrend status remains intact, as long
as the area of 11,100 is protected. There is a possibility of minor weakness in the next 1 or 2
sessions with range bound action.
• Upside resistance is at 11340 & 11400 level.
• Downside support is at 11260 & 11200 level.

Stock picks for the day

• Ashok Leyland after rising more than 40% in less than 2W, this commercial vehicle manufacturer
looks extremely bullish. It has crossed it's 5,10 and 20 day moving averages comprehensively.
• Reliance closed at price of 2097, just below the support of 2102. As per STOCHRSI(14) stock is in
oversold range and MACD indicator shows a buy for Reliance. Expect the stock to test 2135 level.
• Avenue Supermarts closed at 2286 today, after closing with higher highs for the past 4 days. The
standard MACD indicates bullish run along with a healthy RSI of 65. Expect the stock to reach
2320.
• Strides Pharma closed at 567, stock has support at this price. Stock formed a Doji star Bullish
• Reversal on one hour chart. Expect the stock to move toward the price level of 584.

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Analyst: Hruday Kaveti Analyst: Vidhit Patni Analyst: Saurabh Mishra
9493929292 9967084401 9473649245
hrudaykaveti7@gmail.com vidhit57@gmail.com jimishraji96@gmail.com

Analyst: Disha Garg Analyst: Vibhor Jain Analyst: Preksha Burad

7206889327 9944411855 9998813321
dishagarg2015@gmail.com vibhorjain27@gmail.com prekshaburad@gmail.com

Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal
observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels.
You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades