June 3, 2024
As the Indian stock market braces for the election results on June 4th, we anticipate a highly volatile market. It is crucial to trade cautiously and avoid overtrading during this period. Let’s analyze the expected performance of Nifty 50 and Bank Nifty for Monday, June 3rd.
Nifty 50 Analysis:
Nifty 50, the primary index for the National Stock Exchange of India (NSE), tracks the top 50 stocks by market capitalization across various sectors.
| Scenarios | Description | Positions to be Initiated |
|---|---|---|
| I | Nifty above 22,775 | Continuing Bullish |
| II | Nifty between 22,775 and 22,403 | Sideways |
| III | Nifty below 22,403 | Continuing Bearish |
The forecast suggests a bullish trend if Nifty 50 sustains above 22,775, sideways movement between 22,775 and 22,403, and bearish sentiment if it falls below 22,403.
Bank Nifty Analysis:
Bank Nifty, a sectoral index for the NSE, comprises highly capitalized Indian banking stocks.
| Scenarios | Description | Positions to be Initiated |
|---|---|---|
| I | Bank Nifty above 48,997 | Continuing Bullish |
| II | Bank Nifty between 48,997 and 48,161 | Sideways |
| III | Bank Nifty below 48,161 | Continuing Bearish |
The outlook for Bank Nifty suggests a bullish trend if it sustains above 48,997, sideways movement between 48,997 and 48,161, and bearish sentiment if it falls below 48,161.
With election results awaited on June 4th, let’s stay informed, stay vigilant, and trade wisely in this volatile market. 📈🧭 #MondayTrading #Nifty50 #BankNifty #TradeEncore
