Pre Market Report, May 07, 2021 | Stocks and Commodities

 May 07, 2021

Time: 8 am

Pre Market Report:

1. US markets closed at another record high.
2. Nasdaq turned positive after falling for four straight days.
3. Weekly jobless claims came better than expected and lowest post pandemic figure.
4. Now the focus will turn to US Jobs data to be released today evening.
5. Market expecting good numbers.
6. Fed made a statement saying there is a significant rise in asset classes and they are vulnarable for a sharp correction.
7. But in Bull market, all negatives will be ignored and in a Bear market all positives will be ignored.
8. Asian markets are positive.
9. SGX Nifty is higher by about 65 points.
10. Yesterday I mentioned that HERO is likely to do well.
11. It has shot up 4%.
12. After the market hours, results came that beat street expectation.
13. After out performing one day due to RBI Governor speech, Bank Nifty once again under performed yesterday.
14. Today HDFC is set to declare results.
15. So HDFC Twins will be in focus.
16. FIIs are 51% long and 49% short in Index Futures.
17. They are 59% long and 41% short in Stock Futures.
18. As long as FIIs are not heavily long, there is room for upside movement.
19. Reliance is still struggling.
20. It was surprising, Nifty made significant gains when all Banks and Reliance did not do well.
21. The Headline news about Corona is still bad.
22. Yesterday also, new cases reported was more than 4 lakhs.
23. Nifty has been trading between 14200 and 15000 for the last few weeks.
24. Now it is coming closer to the upper end of the trading range.
25. So better to be catiious on the long side.
26. However Stock specific action will continue.
27. Monthly support for is at 14000.
28. We started this series around 14900, after a week, we are back to the same place.
29. Expect profit booking at higher levels.
30. Nifty future may trade between 14720 and 14920.