Pre Market Report, May 5, 2015 | Stocks and Commodities

May 5, 2015
Time: 8.30 am

Pre Market Report:

1. US markets closed positive once again.
2. FIIs have stopped selling finally yesterday.
3. FIIs have bought for just Rs 50 crores yesterday.
4. Short covering rally was very impressive in the absence of FII selling.
5. But the rally happened with high volatility with Bank Nifty falling by 300 points in few minutes.
6. Markets are likely to consolidate around this level for one or two days.
7. Subsidy sharing exemption made oil companies to out perform the markets.
8. Auto also did very well yesterday as monthly sales data was impressive.
9. People may wait for one or two more days to see whether FIIs resume selling before taking any long positions.
10. IT stocks will be in focus as CLSA upgraded TCS and Congizant's impressive show.
11. Banking stocks, particularly mid cap private sector banks will be in focus as Kotak Bank declares its results today.
12. Nifty future should take support at 8290 from where it shot up in the afternoon in yesterday's trade.
13. Resistance will be at 8400.