Pre Market Report, April 29, 2020 | Stocks and Commodities

April 29, 2020
Time: 8 am

Pre Market Report:

1. US markets opened higher but profit booking came as US markets were up for last 4 to 5 days.
2. Despite that many Asian markets are higher.
3. Yesterday first time in April series, Nifty future crossed 9400.
4. IndusInd Bank shot up 17%.
5. Today Axis Bank will be in focus.
6. Bank Nifty has been hugely volatile between 21000 and 17000 in this series.
7. Nifty has been hugely volatile between 9350 and 8800.
8. Yesterday Nifty broke out of resistance area of 9300-9400.
9. Next resistance is around 9900-10000.
10. Until then "Buy on Dip" will work.
11. Entire trading community was bearish in April, but I was not bearish, that is why I sold huge Put options.
12. I will be sharing my trades in YouTube video after the expiry.
13. FIIs have sold for Rs 122 crores.
14. DIIs have bought for Rs 389 crores.
15. FIIs have taken long positions in F&O also.
16. This means, markets are likely to move higher.
17. As I stated earlier, HDFC Bank is still under performing.
18. If that stock starts moving higher, bank Nifty will move higher.
19. Remember, Nifty is at series high but not Bank Nifty.
20. Major contribution came from reliance which almost doubled. That is why Nifty has out performed.
21. Two weeks before I said Nifty is likely to trade between 9000 and 9500.
22. Nifty 9300PE has seen huge addition in OI.
23. Nifty 9500CE is still highest OI among Calls.
24. So we can expect Nifty to trade between 9300 and 9500.
25. I also sold 9500CE. If Nifty is very bullish, then I will move to 9550 or 9600.
26. I have Put options of 9300, 9200, 9100, 9000.
27. IndusInd Bank was up by 17% due to short covering, now the shorts are out, will it consolidate or move higher? That is an interesting stock to watch.
28. The day before expiry is always high volatile.
29. But India VIX keeps falling.
30. Nifty future may trade between 9380 and 9520.