Pre Market Report, May 30, 2017 | Stocks and Commodities

May 30, 2017
Time: 8.15 am:

Pre Market Report:

1. US markets were closed yesterday.
2. So Asian markets are mostly flat.
3. SGX Nifty is trading around 9585, about 25 points lower.
4. Our markets are moving in an unusual way.
5. Some stocks are sgooting up and rest are moving down.
6. Yesterday ITC, Reliance and HDFC alone contributed 45 points for Nifty but Nifty was up only 10 points. So the broader markets fell.
7. ADAG stocks came under severe selling pressure, dragged along all high Debt companies like DLF, GMR, JP Associate, etc.
8. Corporate results are mixed, Sun Pharma and Tech Mahindra fell more than 10% after poor results.
9. Yesterday after markets hours, onlt L&T came with good results.
10. Other companies like BHEL, Auro Pharma, PFC all came with bad numbers.
11. Today REC will declare results, heavy profit booking is seen in this stock ahead of results.
12. There is a levy on P Note issuance by SEBI.
13. I do not know the effect of this news on FII sentiment.
14. Though there are so many negative news, onset of monsoon can negate all these negatives.
15. Moreover, midcaps have been falling for the last few weeks.
16. They may bottomout anytime start moving higher.
17. Now it is the time for large caps.
18. FIIs were net sellers in Cash markets but they were long in F&O.
19. They have bought Index futures for more than Rs 1000 crores.
20. So markets may consolidate for one or two more days before resuming the uptrend.
21. But markets were highly volatile yesterday even during the consolidation phase.
22. That trend may continue today also.
23. Nifty future may trade between yesterday's range of 9540 and 9540.