Pre Market Report, November 23, 2017 | Stocks and Commodities

November 23, 2017
Time: 8.30 am

Pre Market Report:

1. US markets ended mixed after Fed minutes.
2. US markets will be closed today and tomorrow. So it is a four day weekend.
3. So traders would have gone light before such a long holiday.
4. Asian markets are also mixed.
5. SGX Nifty is trading about 10 points higher.
6. FIIs were net sellers again in Cash market.
7. But they have been sellers since Nifty @8000.
8. So nobody seems to bother about FII figures.
9. DIIs are net buyers for more than what FIIs have sold.
10. So as I have been mentioning, whenever Nifty falls more than 50 points intraday, it is time to sell Put options.
11. Yesterday and day before yesterday also, Nifty fell more than 50 points intraday but recovered later.
12. Reform process is still going on in India.
13. Direct Tax Code and Insolvency Code are the two examples.
14. Yesterday PSU banks shot up due to this insolvency amendments.
15. Today this Direct Tax Code may bring some positivity.
16. But Crude price is an headache for India.
17. Gujarat election is also bringing in some uncertainty.
18. This month we have hugely under performed Asia despite Moody's upgrade.
19. That may be corrected in December if Gujarat election go in favour of BJP.
20. Nifty may test 11000 in that case.
21. So overall, our market set up is bullish.
22. There may be some intraday falls here and there.
23. Nifty future may take support today at 10320.
24. Resistance may come at 10420.
25. Due to holidays in US, Global cues will be muted.
26. So it is time for option sellers to eat the premium.