November 29, 2019
Time: 8.15 am
Pre Market Report:
Time: 8.15 am
Pre Market Report:
- US markets closed for Thanks Giving day yesterday.
- Nifty closed at the highest point yesterday.
- As expected ICICI Bank, SBI and YES Bank helped Bank Nifty to trade above 32000.
- Yesterday two top banks, HDFC Bank and Kotak Bank, both are down.
- Despite that Bank Nifty closed significantly higher.
- Under perdorming Banks like SBI, YES Bank, IndusInd Bank, Bank Baroda all did well.
- Reliance hit Rs 10 Lakh crore market cap.
- India VIX is below 14.
- Everyone is bearish and that is why markets keep moving higher.
- Today evening GDP data will be declared.
- It is expected to be below 5.
- Since markers run up in the last 4 days, we can expect some profit booking ahead of GDP data.
- Bank Nifty is up by more than 1000 points in last four days.
- We are entering in to December series.
- Usually December series is lackluster series.
- FIIs will become less active in the second half.
- But Dec 15 deadline for China tariff hike is an important event to watch.
- If there is any deal between US and China before that then the up trend may continue in Global markets.
- SGX Nifty is trading slightly negative.
- We can expect markets to consolidate today with some negative bias.
- We can expect December series to trade between 12000 and 12500.
- I am holding 12000 short straddle which I am planning to move to 12200 if Nifty future closes above 12200 today.
- India Bulls Housing shot up yesterday and that may help other NBFC stocks.
- LIC Housing shot up Rs 100 in last one month.
- So all the under performing stocks started moving higher.
- Even mid cap and small caps started doing well.
- So if not in December, we can expect the markets to move significantly higher in Jan series.
- Until then any dip towards 12000 is a buying opportunity.
- Focus will be on Auto stocks today ahead of monthly auto sales data.
- Nifty future may trade between 12220 and 12320.
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