Pre Market Report, November 17, 2020 | Stocks and Commodities

 November 17, 2020

Time: 8 am

Pre Market Report:

1. US markets closed higher.
2. Moderna announced that their vaccine is effective 94.5%.
3. Sooner or later, Corona Vaccine will come to the market.
4. On Muhurat trading session, Nifty was up by about 60 points but Bank Nifty closed almost flat.
5. NSE site showing higher and that is due to last weighted average price.
6. All India ADRs were up yesterday in US.
7. SGX Nifty crossed 12920 yesterday.
8. So November series, in just two weeks, Nifty future up from 11500 to 12900.
9. That is a fantastic rally of 1400 points in just two weeks.
10. There are no signs of consolidation.
11. But that is badly required now.
12. Otherwise, correction, as and when it comes, will be very severe.
13. FIIs continue their buying spree.
14. But Reliance, Auto Stocks are under performing.
15. Metals and Banks have been doing very well.
16. India VIX is below 20.
17. So markets may not make a violent moves.
18. Markets ignore Kamala Harris Tweet about increasing corporate tax from 21% to 28%.
19. Reliance has acquired Urban Ladder and Reliance has been in the news for last two months but not its share price.
20. SGX Nifty is trading around 12880.
21. Nifty future should find some resistance at 12920.
22. There is a huge OI at 13000CE both in November series and December series.
23. So at least one small correction is required before taking 13000 out.
24. We have only 3 trading sessions for this week expiry.
25. We can expect Nifty to trade between 12400 and 13000 until this week expiry.
26. In case, if there is any rally in Reliance, then Nifty may cross 13000.
27. Right now US futures are down slightly.
28. So after a gap up, consolidation is very much possible.
29. Banking stocks will be in focus.
30. Nifty future may trade between 12780 and 12920.