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

August 24, 2018
Time: 8.45 am

Pre Market Report:

1. US markets fell as there is no meaningful progress in US-China trade talk.
2. But Asian markets are mixed.
3. SGX Nifty is trading about 25, 30 points lower.
4. Yesterday markets showed some uneasiness as Crude prices shot up.
5. But Reliance hit all time high and many other stocks also supported.
6. It was the Bank Nifty which dragged the market down.
7. Particularly Kotak Bank and HDFC Bank did badly.
8. Markets have gone for consolidation mode after a good run.
9. Consolidation between 11480 and 11620 is likely to continue if there is no fresh trigger.
10. Nifty 11600CE has the highest open interest among Calls.
11. So Nifty 11650 may be a huge resistance as 11600CE option price is about Rs 50.
12. I am planning to sell 11700CE if there is any intraday bounce.
13. Bank Nifty, one can sell 28500CE as Bank Nifty will face huge resistance at 28400.
14. Ashok Leyland, Maruti, Reliance are the key stocks to watch.
15. All Pharma stocks are doing vwey well.
16. I sold 600PE< 610PE, 620PE, 640PE, 650PE, 660PE, 670PE in Auro Pharma, it is still going higher.
17. Axis bank is seeing lot of action.
18. We can expect some sharp move towards the end of the day.
19. Remember despite weakness, both FIIs and DIIs were net buyers in Cash market.
20. Nifty future may trade between 11520 and 11620.