Pre Market Report, July 31, 2017 | Stocks and Commodities

July 31, 2017
Time: 8.55 am

Pre Market Report:

1. North Korea launched ICBM (Inter Continental Ballastic Missile) on Friday night.
2. There was discussion in social media about possible correction today.
3. But the fact is that North Korea launched the missile at 8.25 pm Indian Time on Friday night, both SGX Nifty and US markets traded for 4 to 5 hours after the launch but there was no panic.
4. Even today morning, SGX Nifty has recovered more than 30 points from the low and now trading almost flat.
5. L&T came with better results on Friday after market hours.
6. So the bulls are here to stay for some more time.
7. RBI policy will take centre stage now.
8. Though there was a significant fall in Nifty on Friday, Bank Nifty future traded almost 170 points premium to Bank Nifty Spot prices.
9. But ahead of RBI ploicy markets may be volatile.
10. I went short in Bank Nifty around 24900 and then sold Bank Nifty 25000 Put, 24500 Put and 24000 Put.
11. We are starting the series with Highest open interest among Calls at 10500 and PCR closer to 1.
12. That is a bullish signal. I feel that August series will tarde between 9700 and 10300.
13. I have sold more Put options at 9700 and below.
14. Call options sold at 10300, 10400 and 10500.
15. Markets may consolidate for few more days and may breakout or breakdown after RBI policy.
16. Most probabily, it will be breakout.
17. Today Nifty future may trade between 9980 and 10080.