Pre Market Report, November 14, 2018 | Stocks and Commodities

November 14, 2018
Time: 8.30 am

Pre Market Report:

1. What a fantastic day for Crude oil.
2. Yesterday Brent Crude fell more than 7%.
3. Nifty fell more than 160 points from intraday high, the day before yesterday.
4. Nifty shot up more than 160 points from intraday low, yesterday.
5. Thogh the drastic fall in Crude is good for India, such a sharp fall in such a shhort period is not good for oil related stocks.
6. Crude fell for 12 consecutive days, a record in the Crude oil history.
7. WE can see good traction in OMC and Auto stocks.
8. US markets, though opened higher, could not sustain, closed marginally in Red.
9. Asian markets are also mostly flat with negative bias.
10. But SGX Nifty is higher by 30 to 40 points.
11. That should be mainly due to the fall in Crude prices.
12. Brent Crude from $86 plus to $65 within few weeks, a dramatic fall.
13. Nifty has been trading between 10400 and 10700 for the last few weeks.
14. 100DMA is somewhere below 10400 and 200DMA is somewhere above 10700.
15. So the support is at 10400 and resistance is at 10700.
16. Recent swing high is 10665.
17. So there will be more short covering if the swing high is crossed.
18. But will that happen today or not, it is difficultto predict.
19. We have a situation where we have good local cues and bad global cues.
20. Yesterday most of the index heavy weights did very well.
21. I hope that continues today also.
22. Nifty future may find resistance around 10700 today.
23. Support may come around 10580.