Pre Market Report, May 3, 2016 | Stocks and Commodities

May 3, 2016
Time: 8.30 am

Pre Market Report:

1. US markets closed higher.
2. But Asian markets are mixed.
3. SGX Nifty is trading around 7820.
4. This is surprising.
5. FIIs were net buyers yesterday for Rs 435 crores and DIIs were net sellers for Rs 110 crores.
6. Though markets may open lower, they may recover later.
7. Even yesterday, Europe was trading firm, still our markets did not recover.
8. As I stated earlier, there are no triggers for our market.
9. Yesterday Manufacturing PMI came much lower than expected at 50.2.
10. Auto companies reported better monthly sales data yesterday, that helped our markets a bit, otherwise Nifty future would have broken 7800 yesterday.
11. Nifty future took support at 7800, which is a very important support level.
12. Markets are expected to be trading within a range without a major trigger.
13. Next monsoon forecast will be few weeks away and actual monsoon progress report will be one month away.
14. So "Sell everything in May and go away" seems to be working for our market at least.
15. If the markets do not recover today and close in Green, then the markets are likely to come under more pressure.
16. There are no important quarterly results today except Adani Ports.
17. Yesterday HDFC came out with good set of numbers.
18. ICICI Bank fell more than 4% at the opening but did not recover the whole day.
19. So Bank Nifty which was out performing for the last few days started under performing yesterday.
20. Nifty future is likely to trade between 7780 and 7880 today.