Nifty Prediction Today – June 03, 2024: Stay out of the market

Nifty 50 June Futures (23,305)

Nifty 50 opened with a wide gap-up at 23,337.90. The exit poll results released on Saturday evening had triggered this surge. The index has however come down from the intraday high and made a low of 23,062.30. It is currently trading at 23188.80, up 2.9 per cent.

The election results will be out tomorrow. It is important to see how far the actual numbers are going to match with the exit poll results. That could be key in influencing the market movement. If there is a significant variation in the actuals, then there could be profit taking in the market. So, watch cautiously.

Nifty 50 outlook

Important resistance is in the 23,200-23,250 region. Nifty has come down below this zone after opening higher. Support is around Rs 23,000. So broadly 23,000 to 23,250 can be the range for some time now. A decisive break above 23,240 can take it up to 23,400-23,500 in the coming sessions.

On the other hand, a break below 23,000 can drag the index down to 22,800

Nifty 50 Futures

The Nifty 50 June Futures (23,305) is up 2.66 per cent. The contract has come down sharply after opening with a wide gap-up and then making an intraday high of 23,844.

Intraday resistance is at 23,400. Support this at Rs 23,180. A breakout on either side of these two levels will determine the next move. A break above 23,400 can take the contract up to 23,600. On the other hand, a break below 23,180 can drag it down to 23,000.

Trading Strategy

Volatility is likely to remain high today and tomorrow. So, we suggest traders to stay out of the market. See how the market settles after the actual election results are known tomorrow. Trades can then be taken accordingly.

Supports: 23,180, 23,000

Resistances: 23,400, 23,600

Related articles