Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 3 after Exit Polls 2024, India GDP
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. Also Read: Indian stock market: 10 things that changed for market over weekend - Gift Nifty, Exit Polls 2024, GDP to US inflation“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: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.Also Read: Buy or sell after exit poll: Vaishali Parekh recommends three stocks to buy today — June 3On 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
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