Pre Market Report, November 4, 2019 | Stocks and Commodities

November 4, 2019
Time: 8.10 am



Pre Market Report:

1. There are only two more seats available for Chennai workshop.
2. Those interested may contact 9600076997.
3. My Online Trading Summit 2019 video will be available for free viewing only on Nov 6.
4. Those interested may register at https://academy.traderwave.com/a/18629/vFUA2E2e
5. Come to markets, Nifty after consolidating around 11700, Nirmala Candle high, now again trending.
6. Logical next resistance is at ATH above 12K.
7. Once all time high is tested, Nifty may go for another round of consolidation.
8. So it is a buy on dip market now.
9. On Budget day Nifty high was 11981.75.
10. All Time High is 12K plus.
11. So in the sjort term, Nifty will face resistance around 11980.
12. For the last few days, HDFC BAnk, Kotak Bank, ICICI Bank, all top 3 constituents of bank Nifty, have been under performing.
13. If they start moving higher, the Nifty All Time High is very easy.
14. In fact, Nifty is just 1% away from all time high but Bank Nifty is 4 to 5% from all time high.
15. Even on Nirmala Candle day, Nifty high was 11695 but Bank Nifty high was 30500.
16. Now Nifty is far higher than 11700 but Bank Nifty is still lower than that.
17. So it the huge under performance of Bank Nifty that is holding the Nifty from crossing all time high.
18. Sooner or later that under performance will get corrected and Nifty will hit all time high.
19. Another million dollar question today, Will YES Bank open positive or negative?
20. Saudi princess has given approval for Saudi Aramco IPO, will that help Reliance today?
21. SGX Nifty is trading around 11960.
22. FIIs keep buying and they have bought for more than Rs 500 crores on Friday in Cash market.
23. All these point to all time high soon.
24. What will happen after that is another question.
25. Will markets consolidate or drift lower?
26. I sold Bank Nifty weekly option 29500PE naked as I am taking bullish view about Bank Nifty.
27. I have dome some short straddles at 30500 and 31000 in monthly options.
28. I am also holding some Nifty future long positions which I am planning to exit around 12050.
29. Bank Nifty will be in focus as both ICICI and HDFC ADRs are up and due to YES Bank results.
30. Nifty future may trade between 11880 and 12020.