Pre Market Report, May 29,2017 | Stocks and Commodities

May 29,2017
Time: 8.30 am

Pre Market Report:

1. US markets ended almost flat on Friday.
2. North Korea tested missile again on Sunday.
3. Despite that geo-political tension, Asian markets are mostly positive.
4. US markets are closed today.
5. So there is no much global cues today.
6. SGX Nifty is trading about 10 points higher.
7. On Friday DIIs were net buyers more than Rs 1000 crores.
8. That was pleasant surprise as markets are at all time high.
9. Miscaps seems to have bottomed out and the rally may resume in midcaps.
10. Meanwhile Sun Pharma came out with very bad set of numbers, which may fall by 5 to 10% today.
11. Pharma stocks may bottom out today as they have already fallen significantly.
12. From Wednesday low to Friday high, Nifty was up by more than 250 points.
13. This is a huge rise in such a short sapn.
14. So markets may go for consolidation for some time.
15. But news flow regarding Monsoon progress may change that.
16. So far, the news about Monsoon has been very good.
17. We can expect another 100 to 200 points rally in Nifty in the next one to two weeks just due to Monsoon progress.
18. Auro Pharma, Coal India, L&T, NHPC, BPCL, NTPC stocks will be in focus ahead of their results.
19. We can expect a range bound trade with stock specific action today.
20. Nifty future may trade between 9560 and 9640.