Pre Market Report, October 21, 2016 | Stocks and Commodities

October 21, 2016
Time: 9 am

Pre Market Report:

1. US markets closed marginally lower after a volatile session.
2. Asian markets are some positive and some negative.
3. Taking this clue, SGX Nifty is almost flat.
4. Yesterday Yes Bank came with decent set of numbers.
5. That supported Bank Nifty along with short covering rally in ICICI Bank.
6. Today Reliance will react to its Q2 results.
7. DIIs are buying in huge quantities.
8. FIIs are also taking somewhat neutral stand.
9. So markets may consolidate further between 8600 and 8800.
10. Time value will work in favour of option sellers.
11. For the last three months 8500 Put had the highest open interest and that level was not broken in the last three months.
12. This month we went very close to 8500 and took support there and reversed.
13. There are no important corporate results.
14. Next batch of key results will start from next Wednesday.
15. Until then markets may move according to global cues.
16. Nifty future on Tuesday did not break Monday's low but tested Monday's high and closed above Monday's close.
17. The same thig happened on Wednesday and Thirsday.
18. If that trend has to continue, then Nifty future shoud trade between 8670 and 8730.
19. Nifty future may well trade within that range.
20. Let us see what happens, there may be some sharp move towards the end of the session.