Pre Market Report, March 2, 2017 | Stocks and Commodities

March 2, 2017
Time: 8.35 am

Pre Market Report:

1. US markets are moving higher leaps and bounds.
2. SGX Nifty hit a high of 9040.
3. Most Asian markets are higher.
4. But now, SGX Nifty has colled a bit and trading around 9000.
5. But still this will be the first time in more than a year Nifty fututre will be crossing the magic figure of 9000.
6. Though 5 state election results are key events, UP results will be the most important.
7. Betting markets predict a good show by BJP.
8. BJP is likely to get more than 180 MLAs in UP which may still be short of simple majority.
9. Anyway by next Wednesday evening exit poll results will be out and markets will react on Thursday and Friday.
10. Actual results will be on Saturday and markets will react on Monday.
11. Today Bank Nifty will be volatile due to weekly expiry.
12. So far only Banks and Auto did well, now slowly other sectors are catching up.
13. Metals did well yesterday. IT is also picking up.
14. But this is time to be cautious.
15. DIIs who have been buyers from Nifty 7900 level to Nifty 9000 level, may turn sellers from here onwards.
16. Nifty 9000 to 9100 level will be crucial trading range, I do not expect Nifty to cross all time high figure of 9100 befor state election results.
17. I still believe that 8700 to 9100 is the range for next few days.
18. "Prime Membership" figures will be keenly watched by the markets for Reliance JIO for the next few weeks.
19. Nifty future may trade between 8960 and 9050.