Pre Market Report, October 30, 2019 | Stocks and Commodities

October 30, 2019
Time: 8 am



Pre Market Report:

1. Nifty consolidated for 7 trading sessions as of Sunday Muhurat trading.
2. I mentioned that sooner than later markets will breakout.
3. I thought real break out will happen on Friday.
4. But this ratanalisation of tax on equity news has changed that.
5. Yesterday Nifty future shot up nearly 200 points from intraday low to high.
6. Bank Nifty was trading below 29000 on Friday and trading above 30000 yesterday.
7. A rally of more than 1000 points from Friday to Tuesday.
8. Nifty future low on Friday was 11502 and yesterday's high 11824.
9. Now we can expect Nifty to touch 12K in next few weeks.
10. From now, if Nifty falls more than 100 points, it is time to buy.
11. US markets ended marginally lower.
12. That is due to profit booking ahead of Fed meeting.
13. Asian markets are also marginally lower.
14. But SGX Nifty is trading around 11825, around yesterday's high.
15. Nifty 11700PE added huge OI yesterday.
16. That should act as a good support for this expiry.
17. Nifty should expire between 11700 and 11900.
18. Bank Nifty 29500PE added huge OI.
19. So Bank Nifty should take support at 29500.
20. Surprisingly Bank Nifty 31000CE added huge OI, not even 30500.
21. Both in Nifty and Bank Nifty people are just selling more puts.
22. I sold 11600, 11650, 11700PE and 11900, 12000CE just to make some money in last two trading sessions.
23. Bank Nifty, earlier I sold 29000PE and 30000CE. On Sunday sold additional puts at 29000 and 28800.
24. Yesterday Bank Nifty crossed 30000. Did lot of intraday scalping in puts and the finally closed all the puts and sold 30000PE.
25. Now I have 30000 short straddle only in bank Nifty.
26. Yesterday news is just a source based news. That too the news comes when both PM and FM are out of India.
27. If it is short covering rally, markets may consolidate for next two days.
28. Fed event may bring some profit booking but otherwise it is a non event.
29. Reliance, ICICI Bank made all time high.
30. All auto stocks did well after M&M announced very good sales during festival period.
31. Nifty may trade between 11740 and 11860.