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

October 29, 2018
Time: 8.20 am

Pre Market Report:

1. I posted a small viseo, "Dalal Street Week Ahead"
2. The link is https://www.youtube.com/watch?v=-i6LIRphPMY
3. Please watch, like and subscribe to my channel.
4. Slowly I am planning to move the blog also to You Tube.
5. My Pre Market Report, I may not continue once I start You Tube channel in full swing.
6. On Friday US markets closed significantly lower.
7. But ICICI Bank ADR was up by 4.*% and DrReddy ADR was up by 3.6%.
8. If ICICI Bank is up by 5% here, that alone will contribute about 200 points for Bank Nifty.
9. Remember both Nifty and Bank Nifty closed at the swing low on Friday.
10. ASian markets opened with a positive note but turned negative after China opened more than 1% down.
11. US and European Futures are slightly positive.
12. We may open positive, whether it is going to sustain or not is a million dollar question.
13. FIIs sold for more than Rs 1000 crore for 3 consecutive days.
14. Whenever this has happened earlier, markets turned very bearish.
15. At the same, in all the corrections so far, Nifty did not break previous correction low.
16. In that sense, we are at very big support level.
17. So we can say, today's market is make or break levels for Nifty.
18. First gap up will be sold into, whether after that selling, markets recover or not is the question.
19. If recovers and crosses morning high, then only there will be some short covering rally.
20. Highest Put Open Interest at 10000 will offer some support at this level.
21. Crude is rising and that is not good.
22. Monthly Auto sales data will be watched keenly for Auto stocks.
23. Reliance recovered fro low and it may continue to move higher slightly.
24. If Nifty future touches 10150, I am planning to short and sell ATM Put option.
25. Nifty future may trade between 10020 and 10180.