Pre Market Report, April 29, 2016 | Stocks and Commodities

April 29, 2016
Time: 8.20 am

Pre Market Report:

1. US markets closed significantly lower.
2. Japan news was one reason and Apple shares fell was another reason.
3. Despite closing significantly lower, US markets created a record yesterday.
4. After yesterday's closing, this is the second longest bull market in the history of US. It is a 7 year bull run started in 2009, US markets did not fall more than 20% since 2009.
5. The longest bull market was between 1990 and 2000 which was a 10 year bull run.
6. Asian markets are mostly lower following US markets.
7. Japan markets are closed holiday.
8. SGX Nifty hit a high of 7940 yesterday night but now trading lower at 7865.
9. So the beginning itself is not good for markets in May series.
10. Usually May series will not be good for bulls.
11. Even in April series, despite big positive news like good monsoon forecast, Nifty managed to move higher only by about 100 points.
12. If the correction continue, then Nifty will find its first support at 7600 then second support at 7400.
13. Resistance will continue to be at 8000 and the next resistance will be at 8200.
14. Despite such a weak market, Yes Bank hit all time high yesterday.
15. ICICI Bank will be in focus today, the stock has fallen in the last two days significantly, if today's results are good then there will be short covering rally.
16. Yesterday it looks like markets were brought down intentionally by selling index heavyweights.
17. It is a good opportunity for long term investors.
18. Reliance has fallen below Rs 1000 and it is a good price to enter.
19. Today Nifty future should take support at 7820.
20. ICICI Bank results will decide the further movement in Nifty as well as Bank Nifty.
21. Resistance will be at 7920.