Pre Market Report, November 22, 2019 | Stocks and Commodities

November 22, 2019
Time: 8.15 am

Pre Market Report:

1. US markets closed marginally lower.
2. But Asian markets are marginally higher.
3. European and US futures are also slightly higher.
4. But SGX Nifty is almost flat with positive bias.
5. In the whole of November series, markets are in consolidation mode.
6. Made more than Rs 24 lakh profit in a 1 crore account due to this sideways move, as I have sold Calls as well as Puts.
7. Still there are hopes of touching all time high in this series.
8. Bank Nifty future trading almost 50 points discount to spot.
9. Nifty future premium has come down from 45 to less than 10.
10. Reliance has come under profit booking.
11. FIIs have bought for more than Rs 5000 crores in Cash market.
12. Most of the buying happened in ZEE and even if you remove ZEE, still the buying should be around 1000 crores.
13. DIIs however sold for Rs 247 crores.
14. Nifty will have to cross 12020 and trade at least for 30 minutes to test all time high.
15. Nifty 12000 straddle trading around Rs 150 and hence the range for this week may be 11850 and 12150.
16. In the beginning of this month I said Nifty is likely to trade between 11800 and 12200.
17. So far it has been trading in that range.
18. But this consolidation is unusual, lasted for 3 weeks.
19. Sooner or later, we will break out or break down.
20. Many times, markets made good moves in the last week of the expiry.
21. So today also we may go for consolidation.
22. Next week we can expect some big move, 200 to 300 points in Nifty.
23. Bank Nifty hugely out performed Nifty this month.
24. Nifty did not even move 100 points from Nov 1 but Bank Nifty moved more than 1000 points.
25. Nifty future may trade between 11940 and 12060.