Pre Market Report, May 7, 2015 | Stocks and Commodities

May 7, 2015
Time: 8.15 am

Pre Market Report:

1. US markets closed negative after Private Sector Payroll data.
2. Friday job's report is also expected to be bad.
3. Our markets fell even when global cues were good, now global cues also turned negative, so our markets continue to fall despite many good news.
4. Greece problem is not that big as projected as Greece will have no choice except agree to Europe, other markets are correcting only marginally, but ours is the worst performing market.
5. All these are due to MAT issue. Our markets will be weak until there is some clarity on MAT issue.
6. Last time when Nifty fell below 8000, LIC stepped in and bought and markets recovered very sharply on that day.
7. Same thing may happen now, short sellers will like to square off their trades near 8000.
8. So the downside may be limited from here.
9. At the same time, markets may not rise significantly from here.
10. This Friday and coming Monday are crucial for our markets. This Friday PNB results will be out. Last time, markets started falling from the peak when Bank of Baroda results came. On Monday our markets will react to US jobs data and Bank of Baroda results.
11. If Bank of Baroda and PNB come out with good results, then there may be some recovery in Bank Nifty.
12. There is no other sector that look promising.
13. If these two banks declare bad results, then Nifty can fall below 8000.
14. There are no important results today, Hero Moto and Grasim will declare results today.
15. Nifty future should take support at 8000 today. Resistance will be at 8180, that is only if LIC start buying.