Pre Market Report, May 29, 2014 | Stocks and Commodities

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May 29, 2014
Time: 8.30 am

Pre Market Report:

1. US markets closed lower.
2. Despite that, Aisan markets are holding.
3. Most Asian markets are flat.
4. SGX Nifty is trading lower at 7315.
5. Markets are expected to open lower and continue to trade choppy.
6. There may be some short covering towards the end of the day as markets have fallen significantly in the last few days.
7. Short covering may be more visible in Banking stocks as most PSU banks fallen about 10% from the high.
8. ONGC, Tata Motors, Coal India and Power rid are the key results awaited today.
9. That will add to the choppiness of the trade today.
10. Nifty future should take support at 7280 and resistance will in the range of 7380-7400.