March 17, 2017:
Time: 8.30 am
Pre Market Report:
Time: 8.30 am
Pre Market Report:
- US markets closed almost flat.
- Asian markets are also mostly the same.
- SGX Nifty is also trading flat with marginal gain.
- Most of the events are over for this month.
- Hence I expect markets to consolidate for some time.
- We have 10 more trading sessions for this moth.
- Nifty is likely to consolidate between 9000 and 9300 for the rest of the series.
- Banking stocks have done well due to out performance of PSU Banks.
- Markets are firmly in the hands of bulls and there may be some minor profit booking here and there.
- There may not be any significant correction in the near future.
- Highest open interest among Calls is at 9200.
- So if markets move higher for one or the other reason, then these 9200 Call sellers will have to scamble to exit that may push the index to 9280 level.
- That is the upper target for this series.
- In case of any bad news, still Nifty will take very good support at 9000.
- Yesterday I sold Nifty 9000 Put and 9400 Call.
- Sun TV is gaining momentum as by election in Tamil Nadu gathers the momentum.
- Yesterday Housing Finance companies did very well, Reliance Capital shot up nearly 10%.
- Banks, Metals, Autos and Ambani group are all in bull grip.
- We can expect some consolidation today, but there may be some sharp move towards the end of the session.
- At the same time, I have observed many times in the past, when all events are over and when we expect markets to consolidate, there would be some sharp upmove.
- So we have to be very careful about any such move. That is why I sold Nifty 9400 Call, though I am expecting 9300 as upper limit.
- Today Nifty future may trade between 9150 and 9220.
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