Indian Stock Market Outlook: What to Expect on June 4 – Sensex, Nifty50, and Bank Nifty Predictions
Market Outlook: June 4
The Indian stock market is likely to open higher on Wednesday, tracking positive global cues. The Gift Nifty is trading around 24,720, indicating a strong start for the benchmark indices.
Sensex Prediction
On Tuesday, the Sensex declined 636.24 points, or 0.78%, to close at 80,737.51. According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the intraday market texture is weak, but a fresh sell-off is possible only if the level of 80,500 is breached.
- If the Sensex breaches 80,500, it could decline to 80,100-80,000.
- If the index moves above 81,000, a quick pullback rally towards the 20-day SMA or 81,300 could occur.
Nifty50 Prediction
The Nifty50 formed a bear candle signaling profit booking at higher levels. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes that further weakness below 24,500 could open more weakness down to the next support of 24,400-24,300 levels.
- Support levels: 24,250-24,180.
- Resistance levels: 24,670 and 24,810.
Bank Nifty Prediction
The Bank Nifty index hit a fresh all-time high of 56,161 in the opening trade on Tuesday but closed lower by 0.5%. According to Bajaj Broking Research, the index is seen consolidating in the broad range of 56,000-53,500.
- Support levels: 55,000-55,200 and 54,000-53,500.
- Resistance levels: 56,700.
Expert Insights
Analysts recommend a buy-on-dip strategy near the support and sell-on-rally near 25,000 levels. Traders should prepare for potential spikes in volatility and rapid momentum shifts with the upcoming RBI monetary policy event.
Conclusion
The Indian stock market is expected to open higher on Wednesday, but analysts predict a volatile session. Investors should keep a close eye on key support and resistance levels to make informed trading decisions.
