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Pre Market report -10th June -Nifty and Bank Nifty

Curtain raiser for 10th June : Nifty & Bank Nifty

Please check OI data for 9800 put and 10400 and 10200 ,10500 OI data ,it suggests that there will be tough tussle between bulls and bears.

https://www1.nseindia.com/live_market/dynaContent/live_watch/option_chain/optionKeys.jsp


  • Indian markets have been highly volatile for last two day.
  • Nifty moved more than 200 points and Bank Nifty more than 900 points.
  • There was huge profit booking by DIIs in both Reliance and HDFC Bank.
  • Very rarely HDFC Bank makes such an erratic move, from 1020 to 1000, then to 1020 and again to 980.
  • Usually markets make such big moves on Wednesday, the day before expiry, to wipe out Option writers on one side.
  • This time such erratic, big move happened both on Monday and Tuesday.
  • Things were going well until 12.30 pm.
  • When European markets opened, huge profit booking came and most of the European markets fell 2%.
  • Dow futures fell more than 300 points.
  • Then short sellers have become very active and our market started falling.
  • This kind of big, violent moves come as markets shot up too fast from 9000 to 10300.
  • Before this big move, Nifty 9900-1000 was the huge resistance.
  • So that should be the support area now.
  • When US markets opened, Nasdaq hit fresh all time high again.
  • Asian markets are ignoring overnight fall in Europe and US. (Dow and S&P 500)
  • SGX Nifty is up by about 80 points, means Bank Nifty will be up by 200 points.
  • I mentioned earlier that 10350 which is 100DMA will be the resistance and 9900, which was the resistance earlier, now support.
  • Markets are respecting those levels.
  • For monthly, I said 9500-10500.
  • So far in the past, we always faced Fed meet with Optimism.
  • There is no reason to face Fed this time with Pessimism.
  • Fed never do anything against markets, that too in Trump era.
  • FIIs were net buyers in Cash market, normally this kind of markets, FIIs sell and DIIs buy but it was exactly opposite yesterday.
  • FIIs have taken bullish view in F&O also.
  • So yesterday's fall could be an aberration.
  • Markets may open around 10100, there may be some minor dip.
  • In the afternoon, things may improve and Nifty is likely to close above 10100.
  • Nifty future may trade between 10020 and 10220.
  • Important PCR ratios attahced have a look

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