The Nifty ends 34 points lower, while the Sensex was down by 77 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, June 2, 2025: Today, the benchmark indices witnessed an intraday recovery from lower levels. The Nifty ends 34 points lower, while the Sensex was down by 77 points. Among sectors, the Reality, Capital Market, and PSU Bank indices outperformed, gaining over 2 percent, whereas selective Metal and IT stocks registered intraday profit booking at higher levels. Technically, after an early morning intraday sell-off, the market took support near 24,500/80600 and bounced back sharply.
We are of the view that, the current market texture is non directional hence level based trading would be the ideal strategy for day traders, 24,650/81100 and the 20-day SMA or 24,700/81300 would act as key support levels. Above these levels, the market could move up to 24,820–24,900/81600-81800. On the flip side, below 24,650/81100, selling pressure is likely to accelerate. If the market falls below this level, it could correct up to 24,500–24,450/80600-80400.
As per Satish Chandra Aluri, Lemonn Markets Desk, the benchmarks started the crucial week on cautious note. Benchmark indices closed lower with marginal losses in a volatile start to the June. Broader Mid and Small caps, however, extended gains and continued to outperform the benchmarks.
Markets started the week on a cautious, range-bound note, with Nifty 50 sharply lower at open on fresh trade tensions after US announced doubling of steel and aluminium tariffs to 50%. Despite positive domestic cues after surprisingly strong GDP growth in Jan-March 2025 quarter, markets were dragged lower in the morning on worsening global headlines ranging from trade to war. US and China traded barbs with each other over the weekend while Russia Ukraine conflict worsened after drone attacks. Markets soon staged a strong recovery erasing the sharp morning losses, as investors look forward to RBI meet and widely expected rate cut. Metals and IT were the key laggards while Realty and PSU banks are strong performers.
On technical front, Nifty 50 again held support near 24700. On the upside, expect 25000 level as next resistance zone while 24600-24700 remains a key support on the downside.
