Daily Report · August 11, 2020

Pre-Market Report 11 Aug

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  • US markets closed mixed, while DowJones was up Nasdaq the tech index was down.
  • This clearly is a sign of over heated market.
  • Asian markets are positive.
  • Sgx Nifty is up 70 points, Nifty50 would open likely gap up.
  • AGR ruling didn’t come yesterday, hearing is adjourned for friday.
  • As anticipated defense manufucturing stocks performed well.
  • HAL, BDL, L&T, Ashok Leyland, Tejas networks, BEL all closed in high greens
  • And Oh boy, Pharma stocks really grooving this covid rally.
  • DIVIS, Cipla, Sunpharma, Auropharma etc all performed well.
  • Now its looking too good to be true, so time to be cautious in pharma.
  • Nifty PE hit all time high of 31.23. At this level, I am not comfortable to add stocks for portfolio. I may shed some equity soon.
  • ICICI bank announced QIP at fllor price of Rs. 351.
  • ICICI ADR was up 3.5%, clearly market liking this announcement.
  • Bank Nifty tried to cross 22k but AGR news never came, so people booked profits on their longs.
  • Today looks like we will open above 22k and stay there, we might tough 22500 today due to short covering.
  • Nifty if crosses 11350, 11500 is on the cards shortly.