Pre Market Report, May 03, 2021 | Stocks and Commodities

 May 03, 2021

Time: 8 am

Pre Market Report:

1. US and European Futures are higher.
2. Asian markets are mixed.
3. Japan, China, Thailand markets are closed for holidays.
4. SGX Nifty is down more than 200 points.
5. Friday, FIIs have sold for Rs 3500 crores in Cash market.
6. Corona cases is not coming down significantly.
7. And these two are the main factors for such a bearishness in SGX Nifty.
8. Last week, Nifty was up from 14150 to 15050, with todays indicative opening around 14450, Nifty will retrace 60%.
9. All this in just a week.
10. Friday, after market close, IndusInd Bank and Reliance came with results.
11. Both results are in line with expectation.
12. There was no big reaction in Reliance GDR.
13. Reliance GDR was down just 1%.
14. Today Kotak Bank will declare results.
15. So Bank Nifty will be in focus.
16. State election results are in line with expectation, except West Bengal.
17. But as for as markets are concerned, the impact will be very little.
18. But Sun TV is klikely to do well.
19. But it is in trading ban.
20. GST collection at Rs 1.41 lakh crore is a long term positive for markets.
21. There was huge addition of OI at 14800, 14900, 15000CE.
22. So upside will be limited this week.
23. However downside may also be limited as DIIs are expected to support the markets at lower levels.
24. Markets may react negatively for many bad news like Auto sales data, US travel advisory, Corona cases, etc.
25. But markets may recover in the afternoon as US and European futures are higher and DIIs are likely to support the markets at lower levels.
26. But markets are likely to be highly volatile.
27. Reliance may support the market.
28. Volatility started in the first week of March and that is likely to continue for some more time.
29. India VIX above 20 has become a new normal.
30. Nifty future may trade between 14420 and 14720.