Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 3 after Exit Polls 2024, India GDP

The Indian stock market is expected to open sharply higher on Monday with the benchmark Nifty 50 likely to hit record highs, after the Lok Sabha elections exit polls, upbeat India’s GDP growth and positive global market cues.

Gift Nifty trends also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,370 level, a premium of nearly 660 points from the Nifty futures’ previous close.

On Friday, the domestic equity indices closed with minor gains, snapping the five-day losing streak.

The Sensex rose 75.71 points to end at 73,961.31, while the Nifty 50 settled 42.05 points, or 0.19%, higher at 22,530.70.

Nifty 50 formed a long-legged doji on the daily chart and breached the 5-day losing streak. 

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“With the Nifty bouncing back from close to the 50-day SMA, this opens the possibility of a further bounce back in the coming sessions. Nifty would need to cross the immediate resistances of 22,654 - 22,706 for the bulls to gain an upper hand. Crucial support levels to watch for resumption of weakness are at 22,465 - 22,396,” said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.

He believes markets are likely to be volatile in the coming sessions as we approach the election result announcement.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index remained volatile within a narrow range on May 31 as investors awaited the election results and ended 42 points higher at 22,530 level. 

“The highest call writing is visible at 23,000, while there is significant put writing at 22,500, indicating that the Nifty might oscillate between 22,500 and 23,000 in the next few days. However, a fall below 22,500 might trigger a correction towards 22,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

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On the technical charts, Nifty corrected from the trendline resistance at 23,100 but managed to hold the support zone at the clusters of the 50-DMA and 20-DMA.

According to Santosh Meena, Head of Research, Swastika Investmart Ltd, the immediate resistance zone lies between 23,000 and 23,100, with subsequent target levels at 23,300, 23,500, and 24,000. 

“Conversely, if Nifty slips below the 22,400 level, the next support levels to watch are 22,200, 22,000, and 21,700,” Meena said.

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Bank Nifty Prediction

The Bank Nifty jumped 301 points to close at 48,984 on Friday, respecting its 20-DMA.

“Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49,000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48,500. Thus, 48,500 is strong support and 49,200 is the first resistance,” De said.

If Bank Nifty breaks 49,200 on the daily chart, it could soon reach 50,000, he added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.