NIFTY Pre-Open Update: Saudis Plan production cuts, Indigo interest on Virgin Australia

NIFTY Pre-Open Update: Saudis Plan production cuts, Indigo's interest on Virgin Australia, Continuation of Lock-down: Even though we could see restrictions getting relaxed Asian Stocks are trading lower than previous closing with SGX Nifty trading down at 9160 which indicates a 50 point fall from the previous closing.

FIIs turned out to be Net Buyers in Cash and Options with 21650Cr inflow while they were Net Sellers in Futures for - 5459 Cr this month till yesterday, Al Jazeera reports that Saudi Arabia plans to cut down Oil Output by extra 1mn bpd.

On Domestic front, Nifty has somewhat unable to hold on the positive cues from the world and dragging down all intraday gains to close lower, Nifty for past 3 sessions erased all the gains and closing near the lowest point of the day and we need to see if this trend is going to continue with FII's being net buyers through Thursday's low of 9175.9 could be a critical point.

We have most states easing of restrictions while the COVID-19 Positive cases are increasing on daily basis India had crossed 67k mark with 2200 dead, with Maharashtra, TN, Gujarat, Rajasthan & Delhi contributing to over 70% of the total cases.

PM, On OI Front we could see Auto showing Long-Built-up while Banks, NBFC stocks showing Short-Built-Up, IT Stocks also show some Longs getting built. Most Traded FnO Stocks were Reliance, HUL and ICICIBank while Nifty 9500 CE, BankNifty 20000 CE, BankNifty 20500 CE, BankNifty 19000 PE, BankNifty 18500 PE and BankNifty 18000 PE saw volume spurts.

PEL reported a Net loss of Rs.17.06 billion vs a profit of 4.57 billion last year while revenues were also down marginally. On account of the Reliance Right Issue Adjustment in F and O lot size of 506 shares after 13 May. Bandhan Bank, Nestle India, Havells, Blue Star, IndiaMART InterMESH, Sterlite Technologies are some important results today.

Nifty has critical Supports at 9189, 9134 and 9098 while Critical Resistances are at 9410, 9465 and 9501. BankNifty critical Supports at 18778, 18570 and 18430 while Critical Resistances are at 19612, 19819 and 19959. Based On our proprietary algorithm we have TVSMotor, HCLTech, CholaFin, HeroMotoCo, Maruti, Reliance, BajajAuto and UltraCemCo to be under watch list for today.

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