Pre Market Report, July 12, 2018 | Stocks and Commodities

July 12, 2018
Time: 8.30 am

Pre Market Report:

1. Yesterday I could not write Pre Market Report as I was flying from Chennai to Mumbai.
2. But yesterday Asian markets and the entire world markets fell due to Trump Tweet of US$200 billion Chinese Tariff.
3. But our markets did not fall, thanks to TCS.
4. Good results from TCS and good expectation from other IT companies prevented Nifty from falling.
5. I fact we closed 1 point higher yesterday when all other markets fell.
6. Yesterday night Crude fell the most in last two years.
7. That is a big positive for India.
8. So watch for OMCs and Auto stocks.
9. SGX Nifty is trading about 30 points higher.
10. If my expectation is right, Nifty will touch 11,000 today.
11. Highest open interest in Bank Nifty is at 26600PE in Puts and 27000CE in Calls.
12. So expect Bank Nifty to trade in this range with positive bias.
13. Note that HDFC Bank ADR was up by 0.75%.
14. Yesterday Bank Nifty under performed Nifty, today that may change.
15. Highest open interest among Nifty options, 10600PE and 11000CE.
16. Watch for unwinding of 11000, that will be the indication markets will move higher.
17. Expect some selling once Nifty touches 11,000, psychological resistance.
18. Same for Bank Nifty at 27000.
19. Markets may consolidate for some time between 10980 and 11020 if markets are bullish.
20. Nifty future may trade between 10920 and 11020.