W | Stocks and Commodities

December 6, 2019
Time: 8.20 am

Pre Market Report:

1. US markets closed higher.
2. Asian markets are also higher ahead of US jobs data.
3. SGX Nifty is higher by about 20 points.
4. Yesterday markets were highly volatile.
5. RBI did not cut rates as expected.
6. "Buy on rumour and sell on news" played out yesterday.
7. There were good news like JIO tariff hike and UTI AMC listing but Reliance and PSU Banks fell.
8. Markets seems to be in jitter mode due to continuous selling by FIIs.
9. But FIIs have turned net buyers yesterday.
10. On November 25, Nifty moved from 11900 to 12100.
11. After that it is all about consolidation.
12. It may consolidate for some more time, then we can expect another big move towards 12300 by the end of December.
13. Only IT stocks looking good, now ITC started moving higher.
14. Reliance and Banking stocks are under profit booking.
15. HDFC Bank has fallen by Rs 50 in last few days, that alone contributed to 500 point fall in bank Nifty (Approximately)
16. India VIX is low and premiums are too low to create any strategy.
17. But on any dip, one can sell Put options of 11800 and below.
18. On any rise, we can sell 12400CE.
19. Today US jobs data is due in the evening.
20. We can expect a sharp move on the higher side today at some point.
21. Nifty future may trade between 12020 and 12140.