Pre Market Report, April 9, 2014 | Stocks and Commodities

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April 9, 2014
Time: 8.20 am

Pre Market Report: 

1. US markets rose after a 3 day sell off.
2. We did mention that US sell of was restricted to some specific sectors like Biotech and IT which rose significantly in the recent past.
3. So it was just a normal profit booking. 
4. Once the sell off is over, buying should emerge as most stocks in those sectors have fallen by more than 20%.
5. Most Asian markets are up.
6. SGX Nifty is trading 50 points higher than Monday's close.
7. So it may be one more day of gap up open, selling comes, markets fall significantly intraday, then buying comes towards the end and markets close almost flat with postive bias.
8. Speculative activity will pick up in Infosys as there are only three more trading sessions before the results.
9. Nifty future should take support at 6740 and the resistance will be at 6820.
10. Nifty future should consolidate in the range of 6780 to 6820 for few days before breaking out on the higher side once again.