Nifty and Bank Nifty Prediction for Tomorrow 2 June 2023

Nifty and Bank Nifty Prediction for Tomorrow 2 June 2023: The Indian equity market concluded the day on a weaker note on Thursday. The weakness in banks and financials was the major reason for the fall in the market. Despite flat global markets and better GDP data for India, benchmarks closed near the day’s lows. Nifty 50 and Nifty Bank closed at 18,487.75 and 43,790.20, respectively.

Pharma, real estate, media, and PSU banks rallied, but banks and financial sectors dragged the market down. The top sectoral gainers were real estate and pharma, with gains of more than 1 percent. And the biggest sectoral loser was banking, with a decline of 0.77 percent.

In the broader market, the Nifty small-cap index again registered a gain of 1.02 percent, with a marginal gain of 0.15 percent in the Nifty midcap index.

Nifty and Bank Nifty Movement of the Day on 1 June 2023

Both the indices Nifty and Bank Nifty opened flat but declined for a while in the beginning. But a smart recovery was seen during the first half, and the market entered a tight consolidation zone for several hours. As long as the day progressed toward the last hour, the benchmarks broke the range and declined to new lows.

Nifty broke crucial support at 18500 and made a low of 18,464.55, which was below its key support area of 18480–18470. Similarly, the Bank Nifty not only broke its important level of 44000 but also broke strong support at 33800. During the fall, it made a low of 43,706.15, though the adjusted price was well above the low.

Nifty and Bank Nifty Prediction for Tomorrow (2nd June 2023)

Nifty 50 Prediction for Tomorrow (2nd June 2023)

Nifty broke its critical support of 14500, followed by 18470, but a smart recovery was also visible by closing. As of now, for Nifty, the immediate support will be 18458–18450, and the immediate resistance will be 18500, followed by 18530. 

Breaking of the support will open a new range for Nifty up to 18200 on the downside. On the upside, it has to break and sustain above 18500–18530 for a rally above 18600.

For tomorrow, sell on the rise up to 18530 with a stop loss at today’s high of 18,580.30. But on the downside, a dip in buying will emerge near 18380.

Nifty 50 Target for Tomorrow(Prediction/Forecast): Upside 18580-18630 and Downside 18390-18300

Nifty 50 Setup for Tomorrow (2nd June 2023)

Nifty 50 Levels for Tomorrow, Friday, June 2, 2023

Nifty Bank Prediction for Tomorrow (2nd June 2023)

On a closing basis, the Bank Nifty broke through its crucial support at 43800 after 44000. Therefore, Bank Nifty’s tomorrow projection is negative. As of right now, 43500 and 43340 will serve as Bank Nifty’s immediate support, while 44000 and 44150 will serve as its immediate resistance.

If today’s low is broken, the Bank Nifty’s new range will extend downward to 43300-43150. For a rally up to 44500 on the upside, it must break and hold above 44150.

For tomorrow, a sell on the rise strategy up to 44000 with a stop loss at the previous breakout zone of 44150 will work. However, near 43300, an excellent buying opportunity will appear.

Nifty Bank Target for Tomorrow(Prediction/Forecast): Upside 44100-44300 and Downside 43500-43310

Nifty Bank Setup for Tomorrow (2nd June 2023)

Nifty Bank Levels for Tomorrow, Friday, June 2, 2023

Global Market Update

The Dow Jones Industrial Average is currently trading at 32.930, or 0.06%. The S&P 500 increased by 18 points, or 0.42%, to 4,198 while the Nasdaq Composite gained 70 points, or 0.54%, to 13004.

European markets are also climbing, with the DAX up 1% and the CAC and FTSE up by 0.5%.

All commodities are currently climbing, with Brent and crude jumping from 0.9 percent to 1.3%. Also, base metals, crude, and bullion are all rising the most. The US dollar index has dropped below 104 to 103.83, or 0.5 percent, and the US bond yield has decreased by 0.81%.

Conclusion

The global markets are striving to recover after the US debt ceiling vote, but the Indian equity market concluded the day with a decline, falling below important levels this week. 

For a strong finish to the week tomorrow, it is essential for US stocks to perform well tonight. The closing levels of both the Nifty and Bank Nifty will hold significant importance for next week, and traders should carefully observe price actions and levels in line with global market movements.

Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.

Chart Credit: Chartink

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