Nifty Technical Analysis for Tomorrow June 03, 2021
Nifty and Bank Nifty Technical Analysis for June 03, 2021: Indian stock markets opened lower on Wednesday amid mixed cues from the global market peers. The benchmark indices Sensex and Nifty traded below their neutral lines most of the day on the back of selling in IT and FMCG sectors. In the end, the key indices closed mixed today.
The domestic market sentiments were subdued and continued to fall in the first half as Moody’s Investors Service forecasted 9.3 percent growth in India’s GDP for the current Financial year ending March 22 and 7.9 percent in FY23. However, the markets erased their intraday losses as Covid-19 cases continue to decline and investors were upbeat about reopening business activity in June. The hopes of further stimulus by the government also enhanced investors’ confidence in the end.
Today’s Market Updates- Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained just 1.35 points and closed almost flat at 15576.20 levels while Sensex was down by 85.40 points or 0.16 percent and finished at 51849.48 levels. The Bank Nifty on the spot price closed higher by 36.55 points or 0.11 percent and ended at 35373.75 levels.
The midcap and smallcap outperformed the benchmark indices today. The Nifty midcap index closed higher by 373.80 points or 1.45 percent and closed at 26123.30 levels. The Nifty smallcap index gained 120.55 points or 1.31 percent and ended at 9327.75 levels.
The top five gainers in the Nifty 50 index were UPL, Tata Steel, SBI Life, IndusInd Bank, and Adani Ports. The top losers in the Nifty 50 index were ITC, Tech Mahindra, Axis Bank, Asian Paints, and Kotak Mahindra Bank. The most active stocks in the Nifty 50 index were Reliance, Adani ports, and ITC.
On a sectoral front, Automobiles, PSU Bank, Capital Goods, Metals, Power, and Healthcare sectors closed higher today. The sectors that closed in the red were IT & Software, FMCG, and Telecom sectors.
Nifty and Nifty Bank futures price movement for June 02, ( June Expiry)
The Nifty futures price opened at 15584 made a negative opening of 34.15 points. It has touched an intraday high at 15632.60 and a day’s low at 15502.40
The Nifty futures price has given a movement of 130.2 points today. In the end, it gained 7 points or 0.04 percent and ended at 15625.15 levels.
The Bank Nifty futures opened at 35380 It made a negative opening of 74.1 points today. It has touched an intraday high at 35560 and a day’s low at 35180
During the day, the Bank Nifty in futures has given a movement of 380 points. In the end, it closed higher by 85.9 points or 0.24 percent and closed at 35540 levels.
Nifty & Bank Nifty Technical Analysis for June 03, 2021 (June Expiry )
Nifty Technical Analysis in futures for June 03
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15670 whereas All Down Moves Initiates Short Covering (Buy) @ 15580
If the Nifty futures share price Moves Above 15650 and sustain. Then you should Buy with 1st Target of 15672 during the day with a Stop Loss of 15579 FOR the Target of 15672-15695- 15718
If the Nifty futures share price Moves Below 15579 and sustain. Then you should Sell with the 1st Target of 15551 during the day with a Stop Loss of 15650. FOR the Target of 15551- 15505 -15460
Bank Nifty Technical Analysis in futures for June 03
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35900, whereas All Down Moves Initiates Short Covering (Buy) @ 35430
Suppose the Bank Nifty futures Moves Above 35690 and sustain, then you should Buy with the 1st Target of 35810 during the day with a Stop Loss of 35400. FOR the Target of 35810 – 35990 – 36185
If the Bank Nifty futures Moves Below 35400 and sustained, then you should Sell with the 1st Target of 35290 during the day with a Stop Loss of 35690. FOR the Target of 35290 – 35170 – 35046
Global markets today
On the global front, Asian markets closed in a mixed state on Wednesday. The European markets are trading higher as energy and consumer stocks supporting the markets. The Investor’s sentiments are optimistic due to the strong economic data from the U.S and Europe. The U.S futures indexes, Dow and Nasdaq futures are trading flat at 4.30 pm IST.
Conclusions
Indian equity markets opened lower due to mixed global cues and erased all losses in the second half. The midcap and smallcap indices outshined the benchmark indices today. Going ahead, markets will remain cautious tomorrow ahead of RBI monetary policy on Friday.
You can also follow our Daily Morning Report and Nifty and Bank Nifty Technical Analysis for tomorrow June 3.
Also read, Best Stocks to Buy in India for Short Term in June 2021
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