Pre-opening: Will Nifty hold 8200 on June F&O expiry?

June expiry factors are likely to decide course of the market on Thursday. Post Brexit recovery may continue as global markets rally. It will be crucial for the Nifty to hold 8200 on June Futures & Options (F&O) expiry today.

Yesterday the 30-share BSE Sensex gained 215.84 points or 0.81 percent at 26740.39 and the 50-share NSE Nifty was up 76.15 points or 0.94 percent at 8204. The broader markets marginally outperformed benchmarks as the BSE Midcap index rose 0.98 percent and Smallcap rallied 1.31 percent. Cabinet's approval for 7th Pay Commission and Model Shop & Establishment Act also boosted sentiment in later part of the trading session as investors expect both announcements to lift consumption growth.

Among global markets, Asia stocks rose, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week's Brexit shock.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, pulling further away from a one-month low on Friday when it plunged more than 3 percent in reaction to Britain's decision to leave the European Union. Australian stocks added 0.3 percent and Japan's Nikkei climbed 1.2 percent.Overnight, the Dow had risen 1.6 percent while Britain's FTSE rallied for the second day, retracing all the losses suffered in reaction to Brexit.US President Barack Obama said he expects the world economy will be steady in the short run after Britain's decision but expressed concern about longer-term global growth.The pound extended its advance from a three-decade low as traders took advantage of the global market rout to go on a buying spree.  Oil scored a second straight day of solid gains today as US crude inventories fell much more than expected and Brexit fears receded.Oil prices advanced on easing worries about Britain's vote to leave the European Union and its impact on the global economy. The gains accelerated after the US Department of Energy reported the country's commercial crude inventories fell by 4.1 million barrels to 526.6 million barrels in the week ending June 24. The drop was about twice as large as expected.Gold is trading around 1315 dollars an ounce on speculation central banks will have to continue supporting the global economy.