Pre Market Report 18-Jun-2024
Summary
TLDRPR Sund discusses the recent absence from creating videos due to his son's marriage. He reviews the Nifty's market movement, noting a decisive close above 23400 indicating a breakout and potential for a 120-130 point gap up. With positive economic data and political stability, he anticipates an upward trend, suggesting a trading strategy involving call and put options around the 23200-23800 range. Despite mixed signals from FII, banking and IT stocks are underperforming, hinting at significant potential for market growth. He predicts a resistance level at 23800 for the week and advises on trading strategies for aggressive traders within the 23500-24000 range.
Takeaways
- 🎉 PR Sund apologizes for not being able to release videos due to his son's wedding ceremonies last week.
- 📈 Nifty futures moved above 23400 during the first four trading sessions but could not sustain and closed below it, indicating resistance at that level.
- 🔄 The speaker explains that repeated attempts to hit a high weaken resistance, eventually leading to a breakout, with the same principle applying to support levels on the downside.
- 🚀 On Friday, Nifty decisively closed above 23400, which is considered a breakout, suggesting a potential gap up of 120-130 points.
- 📊 The market's reaction to various economic data and political events can cause volatility, but once these events are over, the market tends to trend based on the outcomes.
- 🌐 Positive data and reduced political uncertainties have led to an expectation of an upward trend in the market.
- 📝 A trading strategy was suggested involving buying a 23200 call option, selling a 23800 call option, and selling a 22800 put option, which is directional and could lead to losses if the market reverses.
- 🤔 FAS (Foreign Institutional Investors) are showing mixed signals with large buy and sell volumes, but were net buyers on Friday, hinting at potential market movement.
- 🏦 Banking and IT stocks are underperforming, suggesting that if they start to move higher, it could significantly impact the market.
- 🔮 Analysts predict a target of 24,000 for Nifty, but the speaker believes the range for the current series could be between 23,000 to 24,000.
- 💡 For aggressive traders, a strategy could be developed to profit as long as Nifty trades between 23,500 and 24,000.
- 📉 India weeks are continuing to decline, which is expected to persist, and the speaker still sees 23,800 as the resistance for the weekly series.
Q & A
Why was PR Sund unable to release videos in the last few days?
-PR Sund could not release videos in time or had to skip them due to his son's marriage ceremonies, which took place during the last weekend and the week prior.
What happened to the Nifty future in the first four trading sessions of the last week?
-The Nifty future moved above 23400 but could not sustain and closed below 23400, indicating a resistance level that the market was attempting to break.
What is the significance of the Nifty decisively closing above 23400 on Friday?
-The decisive close above 23400 on Friday signifies a breakout, suggesting that the market is moving past a previous resistance level and may continue to rise.
What does PR Sund suggest about market behavior following a series of events?
-PR Sund suggests that markets tend to be volatile and react to each headline when many events are lined up. Once the events are over, the market will digest the outcomes and then follow a trend, which may not be very big but could be a few hundred points on either side.
What was the overall sentiment of the data and political situation according to PR Sund?
-According to PR Sund, most of the data were positive for the market, and politically, there were no uncertainties except for the small matter of who would become the speaker, which he expected to be the BJP candidate.
What trading strategy did PR Sund suggest for the market?
-PR Sund suggested a strategy of buying a 23200 call option, selling a 23800 call option, and selling a 22800 put option, which is a directional strategy that would profit if the market moves higher.
What is PR Sund's view on the market trend after all the events are over?
-PR Sund expects the trend to be on the higher side after all the events are over, given the positive data and reduced political uncertainties.
What is the current range for the Nifty according to most analysts?
-Most analysts feel that the range for the Nifty in the next series is between 23,000 and 24,000.
What is PR Sund's view on the banking and IT sectors?
-PR Sund notes that banking and IT stocks are currently underperforming, and he speculates on the potential impact if these sectors start moving higher.
What is the significance of the huge open interest in the 23500 call option on Friday?
-The huge open interest in the 23500 call option indicates that many traders are expecting the market to rise, and with the gap up, those traders may need to cover their positions, potentially pushing the market even higher.
What advice does PR Sund give for traders regarding the market's support level?
-PR Sund advises that if the market approaches yesterday's closing level for any reason, it would be a good time to sell put options, as yesterday's closing itself will act as strong support.
Outlines
🎉 Personal Update and Market Overview
PR Sund apologizes for the delayed video uploads due to his son's wedding, which took place over the last weekend. He explains the absence from creating content during this period. He then provides an analysis of the Nifty market, noting that despite the Nifty future moving above 23400 during the first four trading sessions, it failed to sustain and closed below this level. Sund discusses the concept of market resistance and support, suggesting that repeated attempts to hit a high weaken resistance, leading to a breakout. He also mentions the market's reaction to a series of economic and political events, which have led to volatility. Most of the recent data has been positive, and with reduced political uncertainty, Sund anticipates a trend on the higher side. He concludes with a trading strategy involving buying a 23200 call option and selling 23800 call option, along with selling 22800 put option, which aligns with his directional view of the market moving higher.
📈 Market Analysis and Trading Strategy
In the second paragraph, PR Sund continues his market analysis, suggesting that the range for the current series is between 23,000 to 24,000. He advises aggressive traders to consider this range for developing their strategies, with the potential for profit as long as Nifty trades within this range. Sund also discusses the underperformance of banking and IT stocks, speculating on their potential to drive the market higher if they start to perform better. He predicts that 23,800 will be the resistance level for the weekly series and anticipates some selling at higher levels in the coming days. He notes the significant open interest in the 23,500 call option, which could drive the market even higher. Sund also provides a trading tip, suggesting that if the market approaches yesterday's closing level, it would be a good time to sell put options. He ends on a celebratory note, with both a personal family event and the stock market reaching all-time highs.
Mindmap
Keywords
💡Premarket report
💡Nifty
💡Resistance level
💡Support level
💡Breakout
💡Gap up
💡Volatility
💡Options trading
💡FII (Foreign Institutional Investor)
💡Banking stocks
💡Open interest
Highlights
PR Sund apologizes for the delay in videos due to his son's marriage.
Nifty future moved above 23400 but could not sustain, closing below it.
Discussion on the concept of resistance and support levels in the market.
Nifty's decisive close above 23400 indicates a breakout.
Market volatility due to a series of economic and political events.
Market's reaction to the outcomes of economic data and political uncertainties.
Positive data and political clarity leading to an expected uptrend in the market.
Suggested trading strategy involving buying a 23200 call option and selling 23800 call and 22800 put options.
Mixed signals from FAS, with net buying observed on Friday.
Banking and IT stocks underperforming despite overall market highs.
Analysts' target of 24,000 for Nifty, with a potential range of 23,000 to 24,000.
Advice for aggressive traders to develop strategies within the 23,500 to 24,000 range.
India weeks continuing to decline, suggesting a bearish trend.
Expectation of resistance at 23800 for the weekly series.
Huge open interest in the 23500 call option indicating potential for market to move higher.
Suggestion to sell put options if the market approaches yesterday's closing level.
Celebration of both a personal marriage and the stock market's all-time high.
Transcripts
hi this is PR Sund welcome to premarket
report sponsored by delta. exchange the
last few days I could not come out with
videos in time uh or I had to skip the
video so that's because my son's
marriage was there during the last
weekend in fact last week we had this
sanit ceremony HDI ceremony and then
Saturday was the reception and Sunday
was the marriage so that was the reason
I could not do the videos so apologies
for that but I hope uh all your wishes
will be there with my son uh last week
Nifty what happened the first four
trading session Nifty future moved above
23400 but could not sustain and the
selling came market closed below
23400 so sometimes last Wednesday or
Thursday I mentioned that you know the
more number of times it's going and
trying to hit a high so the more the
resistance become weaker and ultimately
the market will break out the same thing
is applicable on the downside every time
Market comes to lower level some buy
come buying comes Market moves
Higher One Time two time okay three time
four time comes means you know that's a
weaker support so that support will be
broken ultimately the market will fall
so exactly that is what is happening now
on Friday the Nifty decisively closed
about
23400 from Monday to Thursday it could
not close but on Friday it has closed
above 23400 decisively so that was a
kind of a Breakout
right now GIF Nifty indicating you know
another 120 130 Point Gap up so that is
considered to be a big gap up and you
may remember you know uh generally what
happens let us say there are too many
events uh lined up you know one after
another you know within a short span of
time uh say inflation data GDP data IAP
data you know Parliament election reses
and this and that so too many data so
the markets tend to be volatile markets
tend to react to the each headline but
once all the events are over the market
will be digesting the outcomes then
after that market will be having some
kind of a trending but may not be a very
big Trend maybe at least few hundred
point on either side it can be a higher
side also it can be lower side also
depending upon how the market perceives
the outcome of all the this
data when all the data came and uh most
of the data were positive for the market
uh even politically there are no
uncertainities the only one small
uncertainty is there so that is who is
going to be the speaker but the way so
far things have been moving uh you know
although there's a lot of speculation
that t party asking for speaker post but
you know the way things are proceeding
uh 9% it will be the BJP
candidate so uh when all these things
are over and the market you know I
expected that Trend to be on the higher
side so that is why if you can remember
I suggested a strategy buying a 23200
call option and selling 23800 call
option and then selling 22800 put
option you know uh the strategy you know
it was actually a directional strategy
in casee Market reverses Falls you know
uh there'll be more losses and because
you have you know buy call will also
lose and sell put will also lose you
know that loss will be much more than
the uh profit in the cell call right but
you know it was a directional view so
that view has become correct now the
markets are moving
higher so FAS are giving a completely
mixed signal one day they buy for huge
quantities the next day they sell for
huge quantities however on Friday they
were net
buyers and see markets are at alltime
high and leaps and bounce it's moving
but still banking stocks are hugely
underperforming it stocks are still
hugely underperforming imagine what will
happen if these two sectors start moving
higher so uh most analyst feel that you
know 24,000 is the target but may not be
this series at least in the next
series 23,000 to 24,000 seems to be the
range for this series and if you are an
aggressive Trader uh you know if you
want to develop some strategies and if
you're an aggressive Trader you can take
23500 to 24,000 as the range also so you
can create a strategy you know so that
there is there's a profit as long as
Nifty trades between 23500 and 24,000
uh India weeks keeps going lower and I
think that is likely to uh continue so
you know so far things are uh going very
well for the markets it's not only for
our markets even the global
markets so I still feel that 23800 will
be the resistance for this weekly series
that means you know today is Tuesday so
Wednesday
Thursday right there may be some selling
at the higher level but you know uh on
Friday in a weekly options 23500 call
option had a huge open interest so with
this kind of a gap up so those people
have to run for cover so that will you
know uh make sure that the market moves
even higher so anyway so today uh
yesterday's closing itself will be uh a
very good support so you know if the
market for one of the reason goes closer
to yesterday's closing level so that is
a time to sell putut
options so uh let us see where the
Market opens you know so there's a a
marriage celebration in my house and
stock market alltime High celebration in
stock market so it's a celebration
everywhere hope you enjoyed watching
this video thank you for watching
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