Pre Market Report, January 31, 2019 | Stocks and Commodities

January 31, 2019
Time: 8.15 am

Pre Market Report:

1. Yesterday the market close was very disappointing.
2. The moment market opened, there was huge selling.
3. Day before yesterday, it was Cobrapost effect, we could understand.
4. Yesterday selling was something nobody expected.
5. Worst thing is that when markets recovered in the afternoon, within few minutes Nifty fell 90 points and broke day's low.
6. It was hugely volatile session.
7. But things seems to have changed overnight.
8. US jonds dat (private sector) came much better than expected.
9. China Manufacturing and Non Manufacturing PMIs came much better than expected.
10. Now SGX Nifty is trading above 10700 while it closed at 107330 yesterday.
11. Surprisingly yesterday both Nifty and Bank Nifty futures traded at discount.
12. ICICI Bank ADR was up by 9%.
13. Since it was up by 5% yesterday here, we can expect another 3 to 4% higher today at open.
14. Bank Nifty is likely to open around 27000.
15. The huge gap up of about 70, 80 points is going to create trouble for option wruters.
16. Markets are likely to be hgely volatile due to expiry as well as due to positioning ahead of budget.
17. Kotak Bank, HDFC Bank, HDFC, ITC, Reliance all index heavy weights hugely under performed yesterday.
18. It was looking as if some people managing index through these stocks.
19. If there is any short covering in these stocks, there will be a big rally in our markets.
20. Do not know whether that is a possibiltyor not ahead of bdget.
21. If SGX Nifty is an indication, Nifty will expire between 10700 and 10800, last expiry also Nifty expired at 10780.
22. So for two months in a row, Nifty expires withing 1% of previous month close.
23. Will things change tomorrow? That is a billion dollar question.
24. All Housing Finance companies came under severe selling pressure yesterday, let us see if there is any improvement today.
25. Hero Moto, Power Grid, IBULL Housing are some of key companies set to declare results today.
26. If Nifty trades firmly above 10720, then there are chances it will move towards 10780.
27. Last many days my range predcitions are terribly going wrong.
28. Today we can expect Nifty to expire between 10680 and 10800.