Pre Market Market, April 27, 2016 | Stocks and Commodities

April 27, 2016
Time: 8.15 am

Pre Market Market:

1. US markets closed mixed after Apple sales down for the first time since 2003.
2. Asian markets are mostly down marginally.
3. Yesterday Axis Bank came out with results after the market hours.
4. The results were not that good.
5. So Axis Bank may come under pressure in the morning trade.
6. SGX Nifty is trading in a wide band, SGX Nifty low was 7921 and high was 7990.
7. Now it is trading around 7980.
8. Yesterday when everyone started talking about imminent May correction and Nifty going to 7600 - 7700 level, markets shot up by short covering.
9. Maruti results and firm European markets helped our markets to surge.
10. FIIs have bought for about 500 crores in Cash market.
11. There was huge buying in F&O by FIIs.
12. Nifty is facing some resistance at 7980.
13. There will be no further short covering as all the losses made in the last few days are wiped out.
14. So further buying in Cash market only can propel the markets higher.
15. Today Nifty will face resistance at 8020.
16. Support will be at 7920.