Pre Market Report, April 24, 2019 | Stocks and Commodities

April 24, 2019
Time: 8.15 am

Pre Market Report:

1. US markets closed higher.
2. Nasdaq and S&P 500 hit all time high.
3. US markets achieved this after 7 months.
4. Last September markets fell all over the world.
5. Now entire loss has been wiped out.
6. But here in India it looks like a different story.
7. Despite huge buying by FIIs, our markets are weak.
8. Bank Nifty has fallen more than 1200 points in 3 trading sessions.
9. Asian markets opened firmly in Green then many markets started falling.
10. SGX Nifty opened around 50 points higher but now trading almost flat.
11. HDFC Bank alone dragged the Bank Nifty significantly.
12. Since HDFC Bank falling after a good results, people are scared of Axis Bank and Yes Bank which are set to declare results in the next two days.
13. Reliance saved the day yesterday but Maruti fell 400 points intraday yesterday.
14. Crude oil price rise is the trigger for this fall but Crude prices are not correcting.
15. So markets are expected to be choppy as long as Crude prices stay higher.
16. Yesterday FIIs have sold for Rs 240 crores, this is their first selling after a long time.
17. But they have bought in F&O markets.
18. After a big rise in March, entire April seems to be just consolidating.
19. But the way it was rising and the way it was falling was scary.
20. If HDFC bank falls further, then Bank Nifty will be in further trouble.
21. IT and pharma are holding. Reliance is also consolidating. FMCG are also OK. Auto stocks started correcting after being very firm for the whole series.
22. So the overall market set up is not looking good.
23. On any bounce I am planning to sell 11700CE in Nifty and 30000CE in Bank Nifty.
24. I have already sold Bank Nifty 30000CE to 30500CE.
25. For the entire April series Bank Nifty has been making big moves, so today and tomorrow also the same thing may happen.
26. I bought Bank Nifty 29800PE and sold 2X29500PE, now I will be in trouble in Bank Nifty falls much below 29500.
27. I may have to shifty to 29400 or 29300PE.
28. Nifty future may trade between 11550 and 11650.