Pre Market Report, April 24, 2017 | Stocks and Commodities

April 24, 2017
Time: 8.50 am

Pre Market Report:

1. There was Round 1 Election in France yesterday.
2. There were 11 candidates of which 5 were key players.
3. Some of them in favour of exiting Euro which is really very bad for world market.
4. Some of them in favour of continuing in Euro which is good for the markets.
5. Due to this high uncertainity, world markets were under pressure for the last many days.
6. Now the round one election resulta re out, two candidates. Li Pen and Macron took the top two slots.
7. Round 2 election which is final phase will be held on May 7.
8. In that election, only these two candidates will contest and the winner becomes the President.
9. Out of these two, Li Pen is very bad for markets and Macron is very good for markets.
10. The other three key players who have lost may be supporting one of these two candidates.
11. As of now, markets feel that Macron will be winning. Since he has 20% more vote share as per opinion polls, even if he loses some along the way, still he may win in May.
12. That is why world markets are green today.
13. Even SGX Nifty which was trading around 9090 on Friday night, now trading between 9130 and 9140.
14. Last week Nifty fell more than 120 points intrday on two occassions.
15. I will not be surprised if Nifty shoots up more than 100 points intraday in the next four days due to short covering.
16. There is huge short selling by FIIs in F&O.
17. Reliance is set to declare results today evening, so there will be lot of activities in that counter.
18. Sun TV will also be in focus as two AIADMK factions are coming together for talks.
19. HDFC Bank may be firm today as that is the only bank that looks bullish.
20. Speculation will increase in other banks like Axis Bank, Kotak Bank ahead of their results.
21. European futures are higher with France futures up by more than 2%.
22. So there may be some short covering in the afternoon, if not in the morning.
23. Expiry may happen between 9180 and 9220.
24. Again it is difficult to predict due to many corporate results.
25. Reliance, Axis Bank, Kotak Bank, Maruti, Wipro, Indiabulls Housing Finance, LIC Housing Finance, etc are some key results this week.
26. Nifty future may trade between 9120 and 9220.