Pre Market Report, May 4, 2015 | Stocks and Commodities

May 4, 2015
Time: 8.15 am

Pre Market Report:

1. US markets closed positive on Friday.
2. Asian markets are slightly negative due to bad PMI data from China.
3. SGX Nifty is trading around 8250 against closing of 8260 on Thursday.
4. So we may also open slightly negative.
5. FIIs have sold for huge sum of Rs 3157 crores on Thursday and that is a very bad news.
6. Most short sellers decided not to roll over their short positions.
7. So technically markets may bounce back from here.
8. But due to the large scale shorts are absent, significant upside is ruled out.
9. At the same time, if markets continue to fall, the hope of short covering rally will be very low and hence the fall could be severe.
10. Auto sales figures have been very good and Auto stocks will be in focus today, particularly Maruti.
11. Banks and Autos may out perform the broader markets.
12. Nifty is somewhere near the bottom but will rise only when FIIs stop selling.
13. Otherwise Nifty may consolidate around this level.
14. First day of May series should close positive in order to have some optimism.
15. Nifty future is expected to trade between 8200 and 8300.