Pre Market Report, May 10, 2016 | Stocks and Commodities

May 10, 2016
Time: 8.20 am

Pre Market Report:

1. Yesterday markets broke out.
2. Even when markets were down, I was of the opinion that markets will recover.
3. I said earlier that I expect Nifty to expire above 8000 this month.
4. One more day of a rally like yesterday will take Nifty above 8000.
5. We have 13 more trading sessions this month.
6. Yesterday both FIIs and DIIs were on the buy side in Cash market.
7. Global cues are not supporting our markets this time.
8. Otherwise crossing 8000 is an easier affair.
9. Indirect tax collection was up by 41% this April compared to last year April is a very good news.
10. M&M will be in focus as supreme court may allow sale of Diesel vehicles in Delhi after July.
11. HDFC moves higher almost everyday, in the last 10 days HDFC alone contributed 60 points to Nifty rally.
12. Maruti will be in focus as Yen depreciates.
13. Kotak Bank will be in focus ahead of its results tomorrow.
14. While other midcap private banks like Yes Bank and IndusInd Bank already trading at 52 week high, Kotak Bank is still about 5% below 52 week high.
15. Asian markets are trading mixed.
16. SGX Nifty is trading around 7875.
17. Nifty future should take support at 7840.
18. Resistance will be at 7920.
19. If 7920 is crossed, then Nifty future will head towards 7980.
20. That should happen by the end of this week.