Pre Market Report, November 2, 2017 | Stocks and Commodities

November 2, 2017
Time: 8.45 am

Pre Market Report:

1. US markets ended mixed after Fed policy which was a non event.
2. The late fall was just a normal profit booking.
3. Asian markets are also mixed.
4. SGX Nifty though crossed 10500 yesterday night, now trading almost flat.
5. A flat opening is good for option sellers as today is the weekly expiry of Bank Nifty.
6. I have sold Put options of 25200, 25100, 25000, 24900, 24800 and 24700PE as well as 25800, 25900, 26000CE.
7. Yesterday I expected resistance at 10450 but the news about ease of doing business seems to have better impact.
8. Since yesterday was a spectacular run, markets are likely to consolidate for next two to three days.
9. In ADR also both ICICI Bank and HDFC Bank were up, so bank nifty looking more strong.
10. But expiry day volatility will be there in Bank Nifty.
11. FIIs have turned net buyers when markets have come to the overbought region.
12. Now RSI stands at 71, I will be looking for opportunity to sell Call options on every rise.
13. If I sell Put option, I will go far out of money.
14. Nifty future is likely to trade between 10450 and 10520.