Pre Market Report, May 26, 2016 | Stocks and Commodities

May 26, 2016
Time: 8.45 am

Pre Market Report:

1. US markets closed significantly higher for second day in row.
2. SGX Nifty almost touched 8000 yesterday night.
3. But Asian markets are mixed.
4. China and Hong Kong are down.
5. So SGX Nifty is trading around 7965, still about 30 points higher than yesterday's close here.
6. After the markets close yesterday, L&T came out with good set of results.
7. L&T is down by 6% this month, if L&T rises 6% today, then Nifty will surely cross 8000.
8. 1% rise in L&T will contribute 5 to 6 points in Nifty.
9. 5 to 6% rise in L&T will contribute 30 to 35 points in Nifty.
10. So this may the most bullish expiry in a most bearish month.
11. I did mention earlier that this expiry will be above 8000.
12. But due to US rate hike feras, markets all over the world fell drastically.
13. So our markets also fell and traded very close to break down level of 7700.
14. But in just two sessions, Nifty may be above 8000.
15. It is huge short covering cum fresh long rally.
16. Monsoon forecast by Skymet, Morgan Stanley upgrading India helped our markets to turn around.
17. Though expiry may happen above 8000, there may be some huge volatility during the day.
18. Support will be at 7920.