December 2, 2019
Time: 8.10 am
Pre Market Report:
Time: 8.10 am
Pre Market Report:
- On Friday we saw profit booking ahead of GDP data.
- GDP data came at 4.5%.
- That was slightly better than expected.
- Most people expected between 4 and 4.3%.
- US markets also fell on Friday.
- SGX Nifty fell about 45 points on Friday night.
- But over the weekend, China Manufacturing data came positive.
- That has lifted the sentiment in Asia.
- Even US futures are higher.
- SGX Nifty is almost flat now.
- Over the week end, Auto sales data also came.
- Except Maruti, all auto sales figure are not looking good.
- YES Bank, RBL Bank will be in focus due to fund raising plans.
- Due to low GDP data, expectation is high about rate cut by RBI on Thursday.
- So Banking stocks will be in focus.
- Reliance came under good selling pressure on Friday.
- Tariff hike by all telecom companies will put all telecom companies in focus today.
- So Reliance may trade in Green today.
- One worrying factor is huge selling by FIIs for about 2000 crores in Cash market.
- It may be just due to profit booking due to to GDP data.
- We have to see what they do today.
- Markets may turn volatile ahead of RBI policy.
- Since markets corrected on Friday, I took some long positions.
- Positions I took on Friday: All positions are in January Series.
- (i) Long Future, (ii) Sell 12500 Call 2X, (iii) Buy 12000PE 1X, (iv) Sell 11700PE 2X.
- Will continue to adjust positions as and when markets move.
- Bank Nifty did multiple short strangle. (i) 32000, 32500, 33000, 33500CE sold and 32000, 31500, 31000, 30500PE sold.
- Will make good profit if markets trade with slightly positive bias.
- We also have to see how our Manufacturing PMI will come at 10.30 am
- Nifty future may trade between 12040 and 12160.
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