Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 5 after Lok Sabha election results 2024
Sensex crashed 4,389.73 points, or 5.74%, to close at 72,079.05, while the Nifty 50 settled 1,379.40 points, or 5.93%, lower at 21,884.50.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty to Lok Sabha election results 2024Nifty 50 formed a huge, long negative candle on the daily chart with lower shadow. “Nifty recovered from near the lower support of 200-day EMA (Exponential Moving Average) around 21,250 levels.
This support has been tested after October 2023. This candle pattern indicates an attempt of downside breakout of the larger high low range of 23,000 - 21,700 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.He believes the short-term trend of Nifty is highly volatile with negative bias.
Immediate support is placed for Nifty around 21,250 levels (20-day EMA). Once election result volatility settles down, the market could find direction for the near term.
There is a possibility of an upside bounce in the Nifty from near 21,250 - 21,000 levels, he added.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 5Here’s what to expect from Nifty 50 and Bank Nifty today:The Nifty 50 index witnessed heavy bloodbath on June 4 on the back of counting of votes of general election 2024 and closed the day sharply lower by 1,379 points. “The Nifty 50 index formed a substantial bearish candle, with key support levels identified at 21,400 and 21,200.
If these levels fail to hold, the next supports are at 20,800 and 20,300. On the upside, the Nifty needs to break above 22,800 and 23,000 to regain strength and potentially reach new all-time highs of 23,500 and 23,700," said Mandar Bhojane, Research Analyst at Choice Broking.The
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