December 17, 2019
Time: 8 am
Pre Market Report:
Time: 8 am
Pre Market Report:
- Yesterday Global cues were mixed.
- Nifty opened higher.
- But Nifty future and Bank Nifty future erased most of the premiums.
- People might have taken long positions on Friday, expecting some good announcement from FM.
- But since there was no announcement, they might have exited the positions.
- That dragged market as well as Futures premium.
- I sold Bank Nifty 32000 straddle on Friday, yesterday it has given more than Rs 100 per share as profit.
- That is nearly 2% return for capital deployed in just one day.
- Yesterday around 2.30 pm, selling pressure came and Nifty fell about 50 points.
- Reliance and ITC under performed.
- ITC is almost at 52 week low.
- I sold Reliance 1600 straddle at Rs 80 few days before (I posted the trade in Twitter), so it is good if it consolidates around this level.
- Kotak Bank and ICICI Bank hit all time high again.
- But HDFC Bank has not been doing well.
- Sold Bank Nifty 31500PE and 32500CE and it is giving good profit.
- Asian markets are mostly positive.
- SGX Nifty is trading about 20, 25 points higher.
- FIIs were net buyers for Rs 728 crores.
- But we need to see whether this small gap up sustains or not.
- We have only 7 more trading sessions. During the press meet FM has given an indication that there will be no GST rate hike on Dec 18 GST Council meet.
- So markets may see a relief rally once this is confirmed on Dec 18.
- Just like November series, we can expect some significant move in the last week of December.
- I have started rolling over my positions to January contracts.
- There is some unwinding in puts and additions in calls.
- That is not a good picture for bulls.
- Markets may consolidate until further triggers.
- Nifty is likely to trade between 12000 and 12200 for next few days.
- HDFC Bank will have to perform for Bank Nifty to cross all time high.
- PSU Banks are also consolidating.
- Nifty future may trade between 12060 and 12180.
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