Pre-Market Report, December 11, 2020

 Emerging markets are extremely bullish.

Pre-Market Report :

1. US markets closed mixed.
2. Asian markets are also mixed.
3. But Emerging markets are up.
4. SGX Nifty is slightly higher.
5. Yesterday we opened lower due to global cues.
6. We actually fell more than expected.
7. Bank Nifty future almost hit 30200 and Nifty future 13425.
8. But as usual, markets have recovered.
9. Yesterday FMCG outperformed.
10. Four out of the top 5 stocks are from the FMCG Sector.
11. Usually, if markets are bullish, on Wednesday and Thursday, a dip comes to wipe out weak option sellers.
12. Yesterday also, the highest OI among Puts was at 13500PE and most people who have written that would have lost heavily.
13. This looks like a broad-based rally.
14. I will not be surprised if there is a very big rally in the next one or two years.
15. That is a long term perspective.
16. Even if the Nifty falls 10% to 20%, still long term outlook is bullish.
17. India VIX fell slightly after rising for the last few days.
18. Nifty is down by 40 points, still, Nifty 13000PE closed at the same price.
19. I have sold 13000PE heavily.
20. And I keep selling as and when Nifty falls more than 100 points intraday.
21. I expect Nifty to take strong support at 13000.
22. FIIs have bought for about Rs 2500 crores and DIIs have sold equally.
23. Going forward, we can expect FIIs to pump less money.
24. Last two weeks, most of them may be out of the markets.
25. So we can expect some consolidation, going forward.
26. But still, Nifty can make a bigger move, between 13200 and 13800.
27. Option prices indicate a range of 13100 - 13900.
28. Nifty future is still not in an overbought condition.
29. So the upside momentum may continue for a few more days.
30. Nifty future may trade between 13420 and 13620.
    
    

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