Pre Market Report, December 23, 2013 | Stocks and Commodities

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December 23, 2013
Time: 8.15 am

Pre Market Report:

1. US markets rose on Friday.
2. Most Asian markets are up.
3. Index heavy weights Reliance and Infosys are rising.
4. Banking stocks have not participated in the rally.
5. Still Bank Nifty is about 1000 points down from the recent high.
6. If banking stocks join the rally, Nifty will cross all time high again.
7. But in our opinion that is expected only in January.
8. SGX Nifty is trading at 6315, about 20 points higher.
9. Today Nifty future will face resistance at 6340 and will take support at 6280.
10. Gold and crude oil trading in a narrow band.
11. Rupee is likely to open flat with positive bias.
12. Our markets will be volatile due to the expiry this week.

Recommendation:

1. Sell Nifty 6150 Put option as Nifty is not likely to go below 6180.
2. In case Nifty future trades firmly above 6320, then by the end of the day or tomorrow, it will test 6380, then that time, you may sell 6450 Call option.