Pre Market Report, January 2, 2019 | Stocks and Commodities

January 2, 2019
Time: 8.45 am

Pre Market Report:

1. Most markets were closed yesterday.
2. We fell like anything in the morning and shot up by huge short covering in the afternoon.
3. Bank Nifty shot p by more than 400 points from intraday low.
4. Today Asian markets have opened with a negative note.
5. China's Manufacturing PMI which came below 50 (which means Economy is contracting) dented the sentiment.
6. Hong Kong fell nearly 3%, worst fall in recent weeks.
7. Due to this all round negativity, SGX Nifty is also trading 40 to 50 points lower.
8. US futures are also lower.
9. SO the new year is not bringing any cheer to stock markets all over the world.
10. But things may change in the next few days.
11. Yesterday it was HDFC Bank and HDFC that brought the Nifty up.
12. Otherwise Auto sales data has been bad and auto index was down.
13. Eicher will be in focus as the sales data is very bad.
14. PSU stocks shot up mainly, like PSU Banks, REC, PFC, GAIL, etc.
15. I bought Kotak Bank 1260CE and sold 2X1320CE and 2X1400CE.
16. Planning a similar strategy in HDFC Bank and HDFC today.
17. WHile writing this blog, SGX Nifty is falling further, threatening to break 10900 again.
18. Nifty is consolidating between 10800 and 11000, directional move will come only on breaching any of these levels.
19. But shorting at this level is not a good idea.
20. Nifty future may trade between 10880 and 11000.