Pre Market Report, December 11, 2019 | Stocks and Commodities

December 11, 2019
Time: 8 am

Pre Market Report:

1. Indian markets fell yesterday to one month low.
2. Nifty has corrected about 300 points.
3. Bank Nifty corrected about 1000 points.
4. YES Bank fell 10% and out of trading ban.
5. SBI has been highly volatile.
6. Except HDFC Bank, ICICI Bank, Kotak Bank all other stocks are doing badly.
7. Reliance is under profit booking mode.
8. TCS corrected 5% in two days.
9. ITC close to 52 week low due to GST hike rumour.
10. Auto stocks are down as scrappage policy postponed and no rate cut came from RBI.
11. Mutual Fund inflow has come down significantly last month.
12. US-China trade deal is also going through rough phase.
13. GST Council meet on 18th adding to the volatility.
14. So profit booking, along with shorting brings the market down.
15. So markets are in consolidation mode with negative bias.
16. From November 25, Nifty has been trading between 11800 and 12200.
17. Hope 11800 is not broken.
18. We are very close to the lower end of this range.
19. FIIs have sold again in Cash market.
20. US markets were down marginally.
21. Asian markets are mixed.
22. SGX Nifty is slightly up, by 10 points.
23. Huge Call writing is happening at 31500CE in Bank Nifty weekly options.
24. Nifty 11900CE added more than 10 lakh in OI.
25. So Nifty may find resistance around 11930-11950 range.
26. Markets are likely to be consolidating until Dec 18 when GST news will become clear and advance tax payments news by corporates will be pouring in.
27. We can expect some sharp move towards the end of the day if markets continue to be bearish ahead of Fed announcement, though it is going to be a non event.
28. Fed is not likely to cut rates but comments by the Fed chairman will be analysed in the context of US-China Trade War.
29. Bank Nifty future may trade between 31000 and 31500.
30. Nifty future may trade between 11880 and 12000.