Market Outlook for 04 June 2024

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 3rd June 2024 - 05:20 pm

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Our markets gave a thumbs up to the exit polls and Nifty started the week at a new record high with a significant gap up. The benchmark rallied higher along with the broader markets and Nifty ended the day above 23300 with gains of over three percent.

Nifty rallied higher along with the broader markets as the exit polls hinted at continuation of the existing government with significant margins. The PSU stocks witnessed renewed buying interest, which were the outperformers and Nifty/Sensex posted new record highs. The index ended well above the previous hurdle of 23100-23000 which hints at a continuation of the uptrend. The actual results will be declared on Tuesday, and if all goes well then we could see a continuation of the momentum on the higher side. The previous hurdle of 23100-23000 will be seen as the immediate support now, while on the higher side retracements of previous moves hints at possible targets around 23700 followed by 24000-24200. Hence, traders are advised to continue trade in the direction of the primary trend with a positive bias.

                                   Market gives a thumbs up to exit polls

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23130 75850 50430 22350
Support 2 22950 75230 49800 22100
Resistance 1 23510 76900 51450 22750
Resistance 2 23700 77350 51800 22900
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