Post Market Report, March 4, 2016 | Stocks and Commodities

March 4, 2016
Time: 8.15 pm

Post Market Report:

1. Today morning, I mentioned that there will be sharp move towards the end of the day. (Point Number: 16)
2. I did not expect this kind of sharp move, between 2 pm and 3 pm, Nifty shot up by 50 points and fell 50 points and again shot up by 50 points to close at the highest point above 7500.
3. US jobs data came much better than expected.
4. So US and European markets are higher.
5. SGX Nifty has hit a high of 7518 and now trading at 7510.
6. So markets may continue to rise next week but with volatility.
7. RBI is not expected to cut the rates and that may drag banking stocks to some extent.
8. But global cues will support the market.
9. Since next week is a data light week, (IIP data is due only on Friday evening), markets are likely to consolidate with positive bias.
10. Highest open interest among Calls is at 7500.
11. So if Nifty crosses 7520 with good volume, then there will be further short covering and Nifty is likely to go to the level of 7580-7620.
12. Every now and then there will be some correction.
13. But people will use the buy on dips strategy and hence significant fall is ruled out.
14. FIIs have bought for Rs 671.57 crores and DIIs have sold for Rs 533.10 crores.
15. Crude prices have stabilised, global cues are good, FIIs are buying and hence within few days, things have changed completely in favour of bulls.