Mid Market Report, May 23, 2014 | Stocks and Commodities

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May 23, 2014
Time: 12.30 pm

Mid Market Report:

1. Markets are trading with positive bias.
2. We have been mentioning that markets are waiting for further trigger, that could be Monday event of Narendra Modi taking oath and announcement of ministers' name.
3. Arun Jaitley is expected to be finance minister.
4. SBI result is due today, Bank Nifty will move only after SBI results, until then caution will prevail in Bank Nifty.
5. VIX keeps going down everyday and today also the same.
6. US closed slightly positive and Europe also likely to open slightly positive.
7. So it is only local news that will move the markets.
8. Also today morning Nifty future broke out of the range 7280 to 7320 decisively.
9. But profit booking dragged the markets much lower from the intraday peak.
10. It will be interesting to see the last one hour of trade as traders will like to square off their positions ahead of weekend holidays and Monday event.
11. Nifty future will close anywhere between 7280 and 7420.