Pre Market Report, April 27, 2017 | Stocks and Commodities

April 27, 2017
Time: 8.40 am

Pre Market Report:

1. US markets came down in the last hour of the session after Trump Tax cut announcements.
2. This is a classical case of "Buy on Rumour, Sell on News"
3. Due to that fall, Asian markets are also witnessing profit booking.
4. SGX Nifty is also trading almost flat.
5. Bank Nifty is more than 1000 points higher than last time all time high of 21000.
6. But Axis Bank is about 25% lower than last time all time high.
7. So we need to see how Axis Bank reacts to its results.
8. I am not an expert in disecting the results, but people say it is a good result.
9. Any spike in Axis Bank will compensate the bearishness due to global cues.
10. Yesterday, I mentioned that one has to be cautious due to expiry related volatility.
11. Nifty fell 60 points between 2.00 pm and 2.45 pm and shot up by 50 points between 2.45 pm and 3.20 pm.
12. I expect markets to be sideways in the morning today.
13. Until afternoon, option sellers will try to eat away all the premiums and market may see a sharp move after 3 pm.
14. Most prbabily, it will be on the higher side.
15. I will not be surprised if Nifty expires around 9380.
16. Reliance has come down significantly due to profit booking, there may be some short covering in the last hour.
17. Any intraday dip below 9300 is a buying opportunity for May series.
18. I expect Nifty to trade between 9200 and 9600 in May series.
19. Today Nifty future may face resistance around 9380.
20. Support will be at 9280.