Pre Market Report, November 28, 2018 | Stocks and Commodities

November 28, 2018
Time: 8.30 am

Pre Market Report:

1. US markets started lower but closed higher after positive news flow regarding US China trade.
2. Yesterday also we were high voltile due to this news flow.
3. Nifty future hit 10585, then shot up to 10677 within minutes then fell to 10620 within mimutes only to recover and cross 10677 within few minutes.
4. This kind of 4 way move closer to expiry is not good for trend following option sellers.
5. In the last 5 trading sessions, Nifty fell 300 points and recovered 200 points.
6. Almost 100 point move evryday in the last 5 days.
7. This kind of volatile move continue for 13th week.
8. But the whole of November we can say markets are sideways.
9. Except one day, Nifty closed between 10500 and 10700 in all days of November.
10. Today SGX Nifty future trading around 10720.
11. Yesterday Nifty future was trading at discount.
12. So Nifty spot will open above 10700, we need to see whether it closes above 10700.
13. The way things are moving, we can expect expiry above 10700.
14. Bank Nifty is looking very bullish.
15. In fact yesterday Bank Nifty closed at swing high.
16. Both FIIs and DIIs are net buyers in Cash market.
17. Bank Nifty 26500CE has the highest open interest and if that is crossed decissively, there may be further short covering.
18. From now until 11th December, G20, OPEC, State Election, etc, there are lot of news flow.
19. OMCs moved higher despite rising oil prices for the first time.
20. So OMCs are good bet right now.
21. Nifty future may trade between 10680 and 10780.