Pre Market Report, July 30, 2018 | Stocks and Commodities

July 30, 2018
Time: 8.40 am

Pre Market Report:

1. US markets closed lower on Friday despite very good GDP data.
2. That was mainly due to sell off in technology stocks.
3. Asian markets are mixed, mostly lower.
4. But our markets are in different trajectory.
5. ICICI Bank came with results on Friday, declared loss for the first time due to higher provisioning.
6. But ICICI ADR is up by 4.5%.
7. Bank of Baroda has declared good results.
8. Axis Bank will be declaring results today.
9. So Bank Nifty will be in focus.
10. RIL also declared good results.
11. More than 10 Nifty 50 stocks either declared results over the weekend or will be declaring results today.
12. FIIs have started taking huge long positions in both Cash and F&O.
13. But SGX Nifty is almost flat.
14. So any dip is a buying opportunity for short term traders.
15. Now the highest open interest among Puts is at 11000.
16. Highest open interest among Calls is at 11500.
17. Being a 5 week series with lot of results, things may change along the way.
18. I have taken a bullish vie, sold both 11500CE and PE.
19. Expect Nifty future to take support at 11280.
20. Resistance will be around 11400.