Pre Market Report, April 28, 2016 | Stocks and Commodities

April 28, 2016
Time: 8.30 am

Pre Market Report:

1. US markets recovered the loses after Fed decision to go slow in hiking rates.
2. Dow and S&P 500 were up while Nasdaq was down marginally.
3. Nasdaq was down mainly due to Apple.
4. Asian markets are mostly higher.
5. SGX Nifty is trading around 8030.
6. For the first time in 2016, Nifty will trade above 8000 today.
7. Whether that will sustain or will lead to profit booking is a billion dollar question.
8. Last time Nifty closed above 8000 on November 4, 2015.
9. So it took almost 6 months for Nifty to come to the level of 8000 plus.
10. Axis Bank results were not up to the expectation, then Yes Bank results were also the same, so people started speculating that ICICI bank will also go the same way and started shorting ICICI Bank.
11. Bottom three stocks in Nifty were ICICI Bank, Axis Bank and SBI yesterday.
12. So Bank Nifty fell and that prevented Nifty from rising above 8000.
13. But IT and FMCG stocks were good.
14. ACC and HCL tech will be in focus as they declare results today.
15. Nifty is expected to expire above 8000.
16. As I am writing this blog SGX Nifty has fallen suddenly by more than 50 points, we have to wait and see why this has happened.