Pre Market Report, November 26, 2019 | Stocks and Commodities

November 26, 2019
Time: 8.30 am

Pre Market Report:

1. Everyone was expecting all time high for Nifty in November.
2. For full three weeks that has not happened.
3. In fact markets were absolutely flat for 3 weeks.
4. That was an extraordinary consolidation.
5. Finally I lost hope for all time high and I mentioned in yesterday's blog.
6. But yesterday, markets shot up and Nifty closed very near to all time high.
7. HDFC and LIC Housing shot up.
8. This rally has happened ahead of Maharashtra uncertainty and on back of Karvy scam.
9. China announcing higher penalties for IP theft helped world markets to rally.
10. US markets  were higher.
11. Asian markets are also higher.
12. SGX Nifty indicates we will open around all time high.
13. But Supreme Court ruling about Maharashtra will bring some uncertainty.
14. Markets are likely to be choppy ahead of expiry also.
15. Bank Nifty is about 120 points away from all time high.
16. I was holding 6000 qty of Nifty futures which I wanted to exit around all time high.
17. When Nifty came to 11900, one person asked me in Twitter, "Do you remember 6000 Nifty future?"
18. I said, "How one can afford to forget holding 6000 Nifty future"
19. Yesterday I exited all positions.
20. Then sold 12050PE and 12000PE and if Nifty falls below this level, will go long in next month future.
21. Otherwise profit booked is profit booked.
22. Yesterday sold 11950, 11900PEs in Nifty.
23. Also sold 30500, 30800, 31000, 31200PEs in Bank Nifty.
24. Now we can see broader markets also doing well.
25. My range of 11800 and 12200 remains the same for this expiry.
26. Once all time high is crossed, some kind of selling will emerge.
27. After that selling if all time high is crossed again, then that will lead to a bigger bull run.
28. After this breakout now the trading range shifts to 11900 and 12200.
29. On any dip one can sell 11900PE.
30. Bank Nifty 31000 will be a strong support now.
31. On any dip, one can sell 31000 and below puts.
32. Nifty future may trade between 11160 and 11260.