Pre Market Report, May 12, 2017 | Stocks and Commodities

May 12, 2017
Time: 8.55 am

Pre Market Report:

1. US markets recovered from the lows after falling in the first half of the session, closed moderately lower.
2. Asian markets are mixed.
3. SGX Nifty is higher by about 8 points.
4. A flat opening is expected.
5. Yesterday FIIs have bought for more than 1300 crores in Cash market.
6. DIIs have sold for about 1000 crores in Cash market.
7. Bank Nifty was up by 200 points in the morning and fell equally in the afternoon yesterday.
8. Axis Bank fell 20 rupees from intraday high.
9. HDFC Bank also dragged the Bank Nifty down.
10. Yesterday Nifty out performed Bank Nifty.
11. But nothing to worry about this intraday fall.
12. Bank Nifty is likely to stabilise today.
13. Next week SBI, BoB and PNB will declare results and that will bring some speculation to Bank Nifty.
14. If these results are good, then Bank Nifty is likely to cross 23000 by the end of next week.
15. Also CPI and WPI inflation data will influence the markets week.
16. Since Nifty broke out of the range 9300-9400 after so many days, it is likely to consolidate for some time.
17. If Nifty consolidates between 9380 and 9500 for next two weeks, then in June series it may breakout again depending on the Monsoon report.
18. Monsoon is expected to be very good, in fact yesterday Kerala received very good pre monsoon showers.
19. I was surprised, even Chennai got some rain yesterday. It is important to remember Chennai got rain just one day, during Vardha strom on Dec 12, 2016, in the entire calender year 2016.
20. If monsoon is good, then the markets will continue to rise, Nifty is likely to touch 1000 in the next 3 to 4 months.
21. Today Nifty future may trade between 9380 and 9480.