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Pre Market Analysis for 16th and 19th October

 

  1. US markets closed lower.
  2. When our markets closed here yesterday, Dow future was down more than 300 points.
  3. But Dow recovered most of the losses to close just 20 points lower.
  4. Asian markets are mixed.
  5. We must remember, problem started after European market opened, by that time East Asian markets are closed.
  6. So East Asian markets did not react negatively yesterday for Europe lockdown fear, US Stimulus problem.
  7. Indian markets were OK until 1 pm and markets fell drastically after 1 pm only.
  8. Yesterday's market was similar to Sep 24.
  9. Even HDFC Bank fell Rs 50 and that is too much.
  10. This is a profit booking ahead of results.
  11. MindTree came with good results, profit up 88%.
  12. But it was under trading ban, so could not take position.
  13. HCL Tech is likely to report its results today morning.
  14. Sometimes they declare before market hours and sometimes after market hours.
  15. I have not taken any position.
  16. I just did 860 short straddle in one of my friend's account.
  17. But IV has come down already.
  18. FIIs have sold for Rs 600 crores and DIIs have sold for Rs 800 crores in Cash market.
  19. But the sell figures are not so bad.
  20. Right now SGX Nifty is trading around 11760, about 85 points higher.
  21. Yesterday's fall seems to be a knee jerk reaction to Europe Corona virus resurgence.
  22. Also expiry related issues played havoc.
  23. I also lost heavily due to expiry trades.
  24. That is part and parcel of trading game.
  25. Banking stocks will be in focus ahead of HDFC Bank results.
  26. Bank Nifty fell 1150 points from intraday high yesterday.
  27. If yesterday's low is not broken today, then yesterday's low could be the low for this expiry.
  28. Markets may consolidate and trade between 11660 and 12025 with huge volatility.
  29. 11661-12025 was the yesterday's Nifty spot range.
  30. Reliance is struggling between 2200 and 2300 for a long time.
  31. That is despite so many incremental positive news.
  32. We can expect some sharp up move towards the end of the day.
  33. Nifty future may trade between 11675 and 11880.
IMPORTANT : keep watching Granules India , Laurus labs, SYNGENE, ROSSARI ,it will be a life time opportunity for a horizon of 3-4 months, i will write a separate write up on the same .
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