Pre Market Report, November 23, 2016 | Stocks and Commodities

November 23, 2016
Time: 8.30 am

Pre Market Report:

1. US markets closed higher, recovered in the second half of the session from intrady day low.
2. Asian markets are mostly higher.
3. Yesterday for the first time in the last many days, markets closed at the highest point of the day.
4. But the intraday volatilty was very high.
5. For the first time, some positivity was seen yesterday.
6. If there is any follow through rally today, there will be more short covering.
7. SGX Nifty is trading between 8050 and 8060 which is about 30-40 points higher.
8. Many developed markets are trading at all time high.
9. But we are far from all time high.
10. FII selling in Cash market is nullified by DII buying in Cash market.
11. But there is huge buying by FIIs in F&O, particularly in stock futures.
12. So I expect some more short covering in the near term.
13. I will not be surprised if Nifty expires around 8200 tomorrow.
14. Today Nifty future may trade between 7980 and 8100.
15. In the last one week, the fall in Bank Nifty was much more than Nifty.
16. So there can be more short covering in Bank Nifty.
17. If there is meningful short covering Bank Nifty may expire above 19000.
18. So this time expiry may not be at lowest point of the series as feraed.
19. That is mainly due to the positive global cues. Positive global cues almost everyday, makes short sellers to squreup their trades before expiry.
20. L&T came with good set of results, so that stock will be in focus.
21. But markets will be volatile, will not move in one direction.
22. India VIX may finally move lower benefiting the option sellers.