Pre-market analysis

1)Nifty once again closed  higher at 10061.55 up 0.83% and banknifty closed higher at 20940.70 up 2%

2)we opened gap up but as global futures recovered, we followed them and were trading at huge gains till 3pm and then profit booking started as nifty and banknifty were overbought.Also there was news about IBC approval,which is bad for banks and nbfc.

3)Today, US and Europe futures are trading falt to negative and asian markets opened deep red. Sgx nifty is trading flat to small negative at 10081.50

4) We may open flat and trade +50 up and +50 down and will once again follow global futures as the day progresses, it is expected that there will profit booking in banking stocks in second half or in moring itself, as last half n hour bnf has lost more than 600pts.

5)Support and resistance for Nifty and Banknifty  for intraday.
6)Nifty pain level is at 10000 and banknifty pain level is at 20700.

7)Nifty may trade between 9800 and 10300 and banknifty may trade between 20500 and 21500.these both levels for nifty and banknifty will act as support and resistance for the day as per oi chain.

8)How indian adr fared on global markets.
9) Result today-
10)stocks in news.
Auropharma - reported quaterly result after market hours.
Bpcl -reported quaterly result after market hours.
Reliance Industries: Rights issue subscribed 1.59 times, amounting to an overall commitment of Rs 84,000 crore for the Rs 53,124.2 crore issue. Public portion subscribed 1.22 times. Allotment of equity shares will take place on or about June 10. Rights shares expected to be listed on BSE & NSE on or around June 12. 
GAIL: Signs an accord for tri-generation projects with EESL.
Jindal Steel and Power: May steel sales up 26% to 7.97 lakh tons, on a consolidated basis, driven by exports.

11)For more updates follow our telegram group Optionstraders.

12)happy trading.

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