PRE MARKET REPORT, MAY 06, 2021

Dow at another record but Nasdaq was down for 4 straight days
Asian markets are higher
SGX Nifty is up by about 70 points
Considering the fact that FIIs keep selling everyday and both FIIs and DIIs have both sold in Cash market yesterday, this gap up really surprising
Bloomberg, “India’s stock market is on another planet’
Even Bloomberg wonders why our market is so resilient despite the worst pandemic.
Always remember the rule, “Markets will not crash two times for the same reason”
Market leader Reliance is struggling around bottom of trading range 1900-2100
As usual Bank Nifty has been volatile but Kotak Bank is looking good
Tata Steel has come out with good results and declared good Dividend
Today Hero Moto will declare results
Looking at OI, huge OI added at 14600PE, Good amount of OI added at 14850CE
Those who sold both will make some profit if Nifty trades between 14550 and 14900
FIIs write >25000 Index Puts, support ahead of Weekly Options Expiry
If markets are firm, then we can expect some selling in the afternoon
Nifty slightly above 20 DMA of 14595; Imp to watch 50 DMA at 14741
Nifty future may trade between 14600 and 14850

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