Pre Market Report, April 16, 2019 | Stocks and Commodities

April 16, 2019
Time: 8 am

Pre Market Report:

1. Last Monday, 8th April 2019, Nifty spot swung between 11710 and 11549.
2. In the next 5 trading sessions, Nifty did not break 11549 on the downside and did not break 11710 on the upside.
3. It was inside bar for all 5 trading sessions.
4. Nifty tried to test the low and well as high of this range.
5. Meanwhile Infy fell and TCS shot up, neutralising any effect on Nifty.
6. Inflation was slightly higher and IIP data was very bad.
7. Yet HDFC Bank and Kotak Bank lifted the Bank Nifty.
8. Today SGX Nifty is trading slightly higher.
9. It looks like Nifty will break the range 11549-11710 on the upside.
10. If Reliance starts moving higher, then Nifty can move to 11800-11900 zone.
11. Remember Reliance has fallen about Rs 60 in this series.
12. Ahead of the results, people may want close their short position.
13. Reliance will come out with results on Thursday evening.
14. HDFC Bank will declare results on Saturday.
15. Since Friday is a public holiday, both stocks will react on Monday morning to their results.
16. Usually traders will like to pre empt any move, so markets may move higher by today or Thursday.
17. Surprisingly both FIIs and DIIs were net buyers in Cash market.
18. Yesterday I thought Nifty future will face resistance at 11720, but it went up to 11740.
19. Tata Motors was the star of the day, it has shot up from Rs 130 to Rs 230 in two months.
20. Auto index was up by 7% this month, thanks to Tata Motors and Maruti.
21. Now ITC may pick up.
22. Nifty future may trade between 11680 and 11780.