Pre Market Report, June 3, 2019 | Stocks and Commodities

June 3, 2019
Time: 8.45 am

Pre Market Report:

1. US markets closed lower.
2. US-China Trade war continues.
3. Now US started with Mexico and India.
4. Monthly auto sales data was very bad.
5. Delayed monsoon.
6. GDP data at 5 year low.
7. Unemployment rate is highest in the last many decades.
8. Yet Singapore Nifty is up by 40, 45 points.
9. Only good thing for India is the crash in crude prices by over 6%.
10. Brent Crude has fallen from US$75 to almost US$60.
11. So OMCs are likely to do well.
12. Friday Banking stocks fell so much intraday when new FM was announces (fell even before the news due to insider news).
13. But recovered later.
14. Today not all markets are bad.
15. Some markets like South Korea, Indonesia are doing very well.
16. Now the focus will turn to RBI policy on Thursday.
17. Since Wednesday is a holiday, there are only 2 trading sessions before RBI policy day.
18. Broadly speaking Nifty is likely to trade between 11600 and 12400 in June.
19. Only question is whether it is going to trade with positive bias or negative bias.
20. It is a matter of time, Nifty will cross 12000 and trade consistently above 12000.
21. Auto stocks, OMCs will be in focus today.
22. On Friday NBFCs were resilient. Sriram Transport Finance, India Bull Housing did well in a falling market.
23. Right now holding Nifty 12000 short straddle and Bank Nifty 31500 short straddle.
24. Will react only if Nifty breaches the range 11800-12200 and Bank Nifty 30500-32500.
25. Nifty future may trade between 11880 and 12020.