Pre Market Report, November 17, 2017 | Stocks and Commodities

November 17, 2017
Time: 8.25 am

Pre Market Report:

1. US markets closed higher, shot up more than its fall the day before.
2. Asian markets are mostly in Green.
3. SGX Nifty shot up by 100 points.
4. Mood's upgraded India's debt.
5. That is going to be a big positive for our markets.
6. Bank nifty has been out performing Nifty for the last few days.
7. Today Bank Nifty is likely to hit fresh all time high.
8. Now it is time to close all short positions on some intraday dip.
9. Technicals have shown bullishness yesterday itself.
10. PSU Banks are particularly look too bullish.
11. Private sector banks may catch up very soon.
12. Nifty has fallen almost 300 points in three days and may shoot up 200 points in the next two days. (Yesterday 100 points and today may be another 100 points)
13. Yesterday for the first time in last many days, India VIX fell.
14. Put Option premiums have collapsed.
15. FIIs have huge short positions.
16. Yesterday despite such a big rally, they bought only for Rs 500 crores in Index futures and Stock Futures.
17. On the way down, they have shorted for Rs 2000 crore a day.
18. So huge short covering is possible with a big gap up today.
19. I have been saying that there is going to be a good short covering rally and we need a trigger for that.
20. Moody's upgrade has become that trigger.
21. It is party time for bulls.
22. Rupee is likely to appreciate, so IT rally may pause.
23. Banking stocks will be in focus as hitting fresh all time high may invite more bulls into these stocks.
24. No need to talk of support, the resistance will be at 10380.