Pre Market Report, October 29, 2019 | Stocks and Commodities

October 29, 2019
Time: 8 am

Pre Market Report:

1. US markets closed at all time high.
2. Asian markets are at 3 months high.
3. SGX Nifty is trading around 11680.
4. Muhurat trading was a disappointing one.
5. Nifty future opened at 11675 but fell quickly.
6. But now SGX Nifty is trading higher than Sunday high.
7. I sold Nifty 11500PE and Bank Nifty 29000PE and 28800PE.
8. Bank Nifty is looking more bullish due to SBI and ICICI Bank results.
9. Bank Nifty 29500PE also added huge OI on Sunday.
10. Maximum OI is at 29000PE and 30000CE.
11. Last week also it was the same case.
12. But this time, markets consolidated for the last 7 trading sessions.
13. For the last 7 trading sessions, Nifty future, on a close to close basis, did not even move 30 points.
14. It was a huge consolidation after a huge rise.
15. So markets will come out of this consolidation sooner than later.
16. Markets are likely to break out in the next few days.
17. The swing high for Nifty future is 11715.
18. That level has to be watched carefully.
19. Markets may not move significantly due to expiry and Fed meeting.
20. We can expect Nifty to expire between 11700 and 11800.
21. We can expect Nifty 12000 in November series.
22. Remember Nifty was at 12000 just before budget.
23. Even if Nifty touches 12000, it is only a 100% retracement in 6 months.
24. So the market set up is bullish. In case if there is any short covering in Infosys, that alone can contribute 100 point to Nifty rally.
25. So I trade with positive bias.
26. Nifty future may trade between 11620 and 11720.