Pre Market Report,October 31, 2018 | Stocks and Commodities

October 31, 2018
Time: 8.30 am

Pre Market Report:

1. US markets ended higher after a huge volatile session.
2. Asian markets are all higher.
3. SGX Niftygoing all over the places since yesterday.
4. Today morning it hit a high of 10315.50 which is higher than Nifty future high of yesterday's trade.
5. But then came the news that RBI Governor may step down or resign.
6. SGX Nifty has fallen by 75 points after this news.
7. Now SGX Nifty is trading around 10235, just about yesterday's close.
8. Now Govt. says Section 7 has not been invoked yet.
9. P Chidamabaram speculated that it could have been invoked.
10. There will be high drama between now and 9.15 am.
11. Once again markets will be going for roller coaster ride.
12. That is evident from SGX Nifty movement.
13. FIIs have sold for more than Rs 30,000 crores in October.
14. Clearly we have the worst possible situation after 2008.
15. But this will be a very good oppotunity for long term investors.
16. PSU Banks are on fire, many of them shot by more than 20% in last two days.
17. Bank of Baroda came with good results yesterday.
18. I did a strategy: SBIN Buy 280CE, Sell 290CE, Sell 310CE.
19. Today many corporate results are also due.
20. Yesterday mid caps did very well.
21. Only few large caps like Reliance, ITC, Kotak Bank, HDFC Bank dragged the markets down.
22. I still believe that Nifty has made bottom around 10000.
23. But volatility will have to come down to be sure of this view.
24. Bank Nifty I am expecting 24500-25500 range for this weekly expiry.
25. Nifty may trade between 10180 to 10320.
26. But first 30 minutes there will be some panic.