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

May 2, 2017
Time: 8.30 am

Pre Market Report:

1. US markets ended mixed yesterday while most markets were closed.
2. Asian markets are marginally higher.
3. SGX Nifty is trading around 9350, about 20 points higher.
4. On Friday FIIs have aggressively in Cash market.
5. But DIIs have bought even more aggressively.
6. This rally is led by domestic institutions due to huge inflow by retail people to mutual funds.
7. For the last many years, Real estate and Gold have given negative returns, so money is flowing to stock market.
8. This is the first time I am seeing such an aggressive buy by DIIs despite market being at all time high.
9. So markets may consolidate and then move higher.
10. There may not be any significant correction even in May when usually people expect a good correction.
11. Some Manufacturing PMI data coming from China and Japan are slightly lower than expectation.
12. But Core Sector growth in India was at 3 months high at 5%.
13. Moreover, many Auto companies have reported all time high sales figures.
14. So today both Auto and Capital Goods sector will be in focus.
15. ICICI Bank is the only big company to report quarterly results this week and that will keep Bank Nifty in focus.
16. Nifty is likely to take support at 9200 and resistance will at 9500 for this week.
17. Today Nifty future may trade between 9320 and 9400.