Pre Market Report, April 20, 2016 | Stocks and Commodities

April 20, 2016
Time: 8.30 am

Pre Market Report:

1. On 11th April 2016, Nifty hit a low of 7517.
2. After that it is one way rally and today Nifty is likely to trade above 7950 and 8000 is a near term target.
3. This has happened in just 4 to 5 trading sessions.
4. Monsoon forecast has changed the whole thing, India was hugely under performing in the first two months of this year, has turned bullish.
5. Nifty has erased entire loss made in 2016.
6. But once Nifty reaches, it is time to be cautious.
7. Beyond 8200, only actual good rainfall in June can decide.
8. US markets closed mixed yesterday.
9. Asian markets are also mixed.
10. TCS results were good.
11. FII buying in Cash market was good.
12. SGX Nifty is trading around 7975.
13. Once Nifty opens gap up, it is difficult to trade.
14. Those who are long already consider booking partial profits and place stop loss order for the remaining.
15. Bank Nifty has under performed Nifty on Monday, it may out perform Nifty is the rally continues.
16. HDFC, Auro Pharma, TCS are some stocks which will be in focus due to news related to them.
17. Nifty future is likely to take support at 7928, Monday's high.
18. Nifty future will find resistance at 8000, a psychological level where profit booking may emerge.