Pre Market Report, April 24, 2018 | Stocks and Commodities

April 24, 2018
Time: 8.35 am

Pre Market Report:

1. US markets closed almost flat after a volatile session.
2. US bond yield touched 2.99%.
3. That is not a good news for emerging markets.
4. But Asian markets are not reacting badly.
5. In fact after Hong Kong opened, things have turned in Asia.
6. Hong Seng index is up by about 300 points.
7. SGX Nifty also recovered about 30 points from the low.
8. Today Aluminium companies will be in focus, particularly Hindalco.
9. But they are not index heavy weights, so it will not affect the overall market.
10. Bank Nifty is looking very weak.
11. If markets open flat, I intend to buy 10650CE and sell Bank Nifty 25200CE.
12. This is because Nifty is more bullish than Bank Nifty and Nifty also will have huge resistance at 10640.
13. There are no big corporate results today and tomorrow.
14. Only on Thursday Bank Nifty will be in focus due to Axis Bank and Yes Bank results.
15. ICICI Bank is showing some resilience despite SEBI news of forensic audit.
16. Infosys and TCS will continue to be in focus as currency depreciates.
17. FIIs in F&O are still bullish.
18. That is why I strongly believe that 10500 will not be broken in this expiry.
19. At the same time, Nifty is finding huge resistance at 10640.
20. So I also sold both Nifty 10600PE and CE for a combined premium of about Rs 100.
21. As long as Nifty trades between 10500 and 10700, I will make some profit.
22. Nifty future is likely to trade between 10500 and 10620.