Pre Market Report, August 29, 2018 | Stocks and Commodities

August 29, 2018
Time: 8.30 am

Pre Market Report:

1. Yesterday I could not write 'Pre Market Report' as I was late to my office due to some health reason.
2. Yesterday US markets closed slightly higher.
3. Consumer Confidence data came at 18 year high in US.
4. Most Asian markets are positive but not by bi margin.
5. We can say, it is consolidation with positive bias.
6. Hong Kong markets opened lower but recovered quickly to trade in Green.
7. China is marginally down.
8. SGX Nifty is swinging in a narrow range of plus 10 to minus 10.
9. Market has run up too much in too short period.
10. So we can expect some consolidation.
11. PCR is at 1.94, historic high.
12. Huge Put writing at 11700, addition of open interest of more than 16 lakh shares.
13. Even 11750PE added more than 8 lakh shares added in open interest.
14. Bank Nifty has been under performing, if there is any short covering in HDFC Bank and Kotak Bank, Bank Nifty will break all time high.
15. Dream run continues in Reliance, up from 950 to 1320, more than 35% in less than 2 months.
16. That alone would have contributed over 300 points to Nifty rally.
17. It will be good for Option writers if markets consolidate today and tomorrow.
18. All the stocks corrected are seeing short covering like Maruti.
19. I have sold 11600PE and 11650PE yesterday expecting them to expire worthless.
20. Nifty future may trade between 11700 and 11780.