Pre-Market Report:
- US markets ended mixed on Friday.
- But Asian markets are positive.
- When everyone was expecting a sell-off in large-cap stocks, due to the new SEBI regulation wrt Multi-Cap Funds, SGX Nifty is trading about 20 points higher.
- SGX Nifty is up by about 90 points from Friday night closing.
- FIIs continue to buy in the Cash market.
- They have bought for more than Rs 1000 crores.
- DIIs continue to sell.
- They have sold for more than Rs 700 crores.
- Even in F&O, they have more longs than shorts.
- Nifty 11500CE has the highest open interest, if markets move beyond 11500, then there will be some short-covering.
- India VIX keeps inching lower.
- That is good news for bulls.
- Bank Nifty is a real problem for markets now.
- After falling nearly 3000 points from intra month high, it is struggling at lower levels.
- But on Friday, there was some movement in SBI and it crossed 200.
- But HDFC Bank, the top private sector bank, is still struggling.
- If HDFC Bank and Bank Nifty start recovering, then Nifty can resume its rally.
- Nifty 11200 will be the floor for this series.
- I sold 11200PE in weekly options also, hoping 11200 will not be broken on the downside.
- Every month, correction comes, Nifty falls 400 to 600 points, but recovers and scales new high.
- If that is the trend, Nifty should close around 11800 by the end of this month.
- Bank Nifty has huge resistance at 22700.
- If that is crossed, Bank Nifty will see short covering, and then Nifty can hope for 11800.
- So Nifty 11520 and Bank Nifty 22700 levels are very important for short term trading.
- Reliance is in consolidation mode as there is no incremental positive news.
- But markets may come under selling pressure at higher levels due to Multi-Cap rejig.
- Nifty future may trade between 11420 and 11540.
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