Pre Market Report, May 9, 2018 | Stocks and Commodities

May 9, 2018
Time: 9 am

Pre Market Report:

1. US markets ended flat.
2. But it was volatile.
3. Trump has announced that US is withdrawing from Iran Nuclear pact.
4. Crude prices fell more than 3% prior to the announcement.
5. But shot up by the same percentage after the announcement.
6. Asian markets mixed.
7. SGX Nifty is down slightly.
8. Now the focus will turn to Karnataka elections.
9. India VIX is likely to shoot up for the next three days.
10. India VIX may peak on Friday.
11. Rupee is down, Crude is up, double whammy for our markets.
12. Markets may go for consolidation for the next few days.
13. ICICI Bank saved the day yesterday.
14. Otherwise markets would have fallen drastically.
15. Today there is no such factor.
16. Market may trade with negative bias.
17. FII selling has come down and that is a good news.
18. FIIs bought in stock futures and that is also a good news.
19. So markets may not fall much.
20. Yesterday's low of 10680 is very important support.
21. If that is broken, then Nifty future will head to 10620.
22. Nifty future may trade between 10680 and 10780.