Stock Market Today on June 2: Indian stock markets may open on a cautious note on Tuesday, clocking losses for a fourth day in a row. The benchmark indices ended sharply lower on June 1. The Sensex declined more than 500 points, whereas the Nifty 50 finished below 23,400 levels. Market participants were seeking new triggers from the RBI’s monetary policy committee meeting, FII inflow, global cues and geopolitical issues.
The BSE Sensex closed 508.40 points lower, or 0.68% at 74,267.34. The NSE Nifty 50 lost 165.15 points, or 0.70%, to close at 23,382.60. This decline on the market helped to complete the bearish pattern, which indicated the technical indicators for short-term trading with caution.
Stock Market Recap of June 1
Monday’s session was a sharp turnaround from a strong open. The Nifty opened at 23,654.5 and went up to an intraday high of 23,733.7 before witnessing heavy selling pressure throughout the day. The index finally ended near its session low of 23,357.95, making a bearish gap-up reversal candle on the daily chart.
Bank stocks also reflected the broader market’s weakness. The Bank Nifty closed down 1.10% at 53,643.1, with the India VIX trading around 17.2, which shows high volatility.
IT was the only sector in the major sector performing well. The IT sector Nifty gained 2.66% backed by strong gains by the tech giants.
While Infosys gained 3.58%, Coal India went up 3.21%, Tata Steel was up by 1.23%, and Wipro closed with gains of 1.06%, the losers saw Vedanta losing 4.38%, Ashok Leyland declining 3.64%, Hindustan Unilever down 3.21%, ITC declining 2.53%, and Bajaj Finance dropping 2.11%.
Nifty Today: Important Levels To Watch Out For
Bajaj Broking Research: The Nifty continues to be in a short-term downtrend after closing below an important support zone. The benchmark has now declined for four consecutive sessions and created one more bearish candle with a lower high and lower low pattern.
The broker said the index has also broken below last week’s low of 23,484, indicating continued selling pressure. Going-ahead bias remains down & the index is likely to test last month’s low of 23262 in coming sessions. The daily chart will signal a pause in the downtrend with the formation of a higher high and a higher low. “On the higher side 23,700-23,800 is expected to act as resistance being confluence of Monday’s high and 20 days EMA,” Bajaj Broking Research said, as reported by Good Returns.
Technically, the immediate support level to look for is still at 23,262. If this level fails to hold up, the door could open to additional downside, while any recovery is expected to find resistance between 23,700 and 23,800.
Can GIFT Nifty Spark A Rebound?
GIFT Nifty suggests a positive start for domestic equities on Tuesday.
For Univest’s Ankit Jaiswal, the key level for traders is 23,450. If the Nifty holds above this level in early trade, the index may attempt a recovery towards 23,600 and then 23,733.
But if the early gains vanish and the index falls below 23,350, it could replicate Monday’s reversal pattern, increasing the odds of a pullback to 23,232.
The Relative Strength Index (RSI) is around 38 at the moment, and this indicates that the stock is oversold and may help to generate a short-term bounce. Analysts, however, caution that an oversold RSI is not alone confirmation of a reversal in the trend.
Bank Nifty Outlook For Today, June 2
The banking index remains under pressure, trading below last week’s low at 54,116. The sector has been subdued on the back of weakness in heavyweight banking stocks.
Bajaj Broking Research said, “Index likely to consolidate in the range of 52,500-55,600 only a breakout or breakdown will signal directional moment in the index.”
The broker said further, “Index has key support placed at 52,700-52,500 being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (49955-57456). On the higher side key resistance at 55,600-56,000 levels being the confluence of last week high and 50 days EMA.”
Meanwhile, Kunal Singla of Univest said Bank Nifty has fallen for three consecutive sessions, and major constituents like HDFC Bank, ICICI Bank and State Bank of India are still in short-term downtrends.
Singla said fresh long positions in banking stocks will be considered only if there is a move above 54,100.
What Investors Need To Watch Today
Apart from technical levels, traders will be looking at the RBI’s MPC meet from June 3, which could impact expectations on interest rates and liquidity. FII activity, global equity trends, crude oil prices and Middle East developments are also likely to influence sentiment.
The market is still in correction for now. A sustained recovery would require Nifty to reclaim key resistance levels and build a higher high-higher low formation on daily charts, but oversold indicators may lead to intermittent pullbacks, says analysts.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
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Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
