Nifty and Bank Nifty Prediction for Tomorrow 2 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 2 June 2023: Indian equity market indexes ended with minor cuts amid volatility on Thursday. The domestic markets traded above their neutral lines in most parts of the session due to positive economic growth. The market sentiments got further boosted as the country’s manufacturing activity improved further in May compared to the previous month. Trading was volatile due to the expiry of weekly index options on the NSE.
The market breadth was positive on Thursday. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.15 percent and 1.02 percent respectively. At the close, Sensex and Nifty declined 0.31 percent and 0.25 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 1 June
The Nifty futures price opened at 18624.95, making a slightly lower opening of 4.6 points. It has touched an intraday high of 18659 and a day’s low of 18550
The Nifty futures price has given a movement of 109 points. In the end, it closed lower by 54.75 points or 0.29 percent and ended at 18574.80 levels.
The Bank Nifty futures opened at 44226 It made a slightly negative opening of 15.65 points. The Bank Nifty futures touched an intraday high at 44290 and a day’s low at 43861
During the day, the Bank Nifty futures have given a movement of 365 points. In the end, it closed lower by 257.25 points or 0.58 percent and closed at 43984.40 levels.
Nifty & Bank Nifty Prediction for Tomorrow 2 June 2023
Nifty Futures Prediction for Tomorrow 2 June 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18650 whereas All Down Moves Initiates Short Covering (Buy) @ 18500
If the Nifty futures Moves Above 18603 and sustains. Then Nifty futures can hit a 1st Target of 18632 during the day with a Stop Loss of 18570. In a day it could trade for the target of 18632- 18657- 18680 levels.
If the Nifty futures (June Series) share price Moves Below 18527 and is sustained. Then Nifty futures can see a 1st Target of 18495 levels for the day with a Stop Loss of 18556. In a day it could trade for the target of 18495- 18458 – 18410 levels.
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Bank Nifty Futures Prediction for Tomorrow 2 June 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44100 whereas All Down Moves Initiates Short Covering (Buy) @ 43700
Suppose the Bank Nifty futures Moves Above 44060 and sustain, then you could see a 1st Target of 44140 during the day with a Stop Loss of 43950. During the day Bank Nifty futures could trade for the target of 44140- 44225- 44350
If the Bank Nifty futures (June Series) Moves Below 43800 and sustain, then you could see a 1st Target of 43730 levels in a day with a Stop Loss of 43910. During the day Bank Nifty futures could trade for the target of 43730- 43650- 43535
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Global Stock Market Updates
On the global front, Asian stock market indexes mostly trimmed their early losses but were closed in the red on Thursday. The progress in the US debt ceiling deal and the positive China factory data lifted the market sentiments. Japan’s Nikkei ended higher, boosted by bargain buying, as investors preferred to buy stocks after losses in the previous session.
China’s Shanghai index pared early losses and closed flat to positive after a private sector survey showed the country’s factory activity unexpectedly swung to growth in May from decline. Hang Seng erased early losses as tech giants advanced and closed slightly lower, while Kospi closed in the red on Thursday.
European stock markets are trading higher on Thursday. The market sentiments are positive due to upbeat Manufacturing PMI data released in China and positive retail sales data in Germany. The initial vote in favor of the US debt ceiling deal also boosted the sentiment.
The US Dow and Nasdaq futures are trading marginally higher at 5 pm IST, indicating a flat opening for the US markets on Thursday.
Conclusion
The domestic markets traded volatile and ended slightly lower for the second consecutive day. Selling pressure was witnessed in Banking and financial stocks in the last hour on the weekly expiry day, while the broader markets continued to outperform the benchmarks. Tomorrow the domestic markets will open as per global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
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