Pre Market Report, November 29, 2017 | Stocks and Commodities

November 29, 2017
Time: 8.45 am

Pre Market Report:

1. US markets are moving higher by leaps and bounds.
2. But the big news is that North Korea launched missile once again.
3. But Asian markets have not reacted to this news.
4. Yesterday due to sudden fall, people thought FIIs have sold.
5. On the contrary it was DIIs who sold the shares.
6. SGX Nifty is trading around 10400.
7. So Nifty may make one more attempt to cross 10400.
8. But it is likely to fail once again.
9. Bank Nifty hit all time high yesterday and then profit booking came.
10. As I said earlier, markets may be in consolidation mode until the end of this expiry.
11. Markets may move only after GDP data.
12. This kind of some upmove and some down  move is only helping Option sellers to eat the premium.
13. October expiry was around 10350. November now it is stuggling to cross 10400.
14. In a longer time frame, from January to July, Nifty shot up from 8000 to 10150, more than 2100 points and an average of more than 300 points every month.
15. But in the next 4 months, Nifty could not even move 300 point.
16. Nifty is trading around the same level as November 17, when Moody has upgraded India.
17. Now I have sold Nifty 10250PE and 10500CE. As of now it looks like it is a safe bet.
18. Axis Bank is looking strong and ICICI Bank is looking weak. IndusInd Bank and Yes Bank also looking strong after inclusion in Sensex.
19. Pharma stocks have come under selling pressure again.
20. Nifty future may trade between yesterday's low and yesterday's high.
21. I will sell more PE if Nifty future crosses 10428 and will sell more CE if 10360 is broken.