PRE MARKET REPORT - 10 JUNE, 2020

PRE MARKET REPORT - 10 JUNE, 2020

Global Cues:- 

1. Nifty witnessed a strong rally from the last couple of trading sessions.

2. We are witnessing some profit booking at 10250-10300 levels by DII (Domestic Institute Investors).

3. Dow Jons is flat to negative.

4. SGX Nifty future is flat to negative.

5. Nifty closed at 10040.

6. Technically 10000 is immediate support if breached 9900 should be next support.

7. Bank Nifty tumbled by 600 points. HDFC Bank, ICICI, Kotak, Axis were major contributors.

8. Fed Interest decision at 11:30 AM (IST)

Technical Setup:-

Option Chain Analysis:

1. Strong resistance from 10200-10300 due to massive open interest

2. 10000 should act as strong support followed by 9900.

FII- DII Data:

Conclusion:

1. Nifty will face strong resistance at 10200-10300. Immediate support at 10000, followed by 9900.

2. Nifty is likely to be range-bound until it breaks the above-mentioned levels.

3. Nifty likely to trade between 9900 to 10200.