Nifty Prediction for Thursday, June 4 by experts: Indian equity markets witnessed a roller-coaster session on Wednesday, June 3, as investor sentiment remained under pressure due to fresh tariff concerns from the United States, continued tensions in West Asia and reports of fresh attacks in Ukraine before staging a dramatic late-day recovery.
The sharp rebound from intraday lows has set up a high-stakes tug-of-war between bulls and bears ahead of the Thursday, June 4, trading session.
Created with AI. Errors are possibleDespite opening with weakness, markets witnessed a recovery from the day’s lows, led by gains in banking stocks.
Nifty Prediction for Thursday, June 4 by experts
Technical experts believe Wednesday’s late-session rally has created an important support base, although sustained upside will require the index to overcome key resistance zones.
Nifty Prediction for Thursday, June 4 by Sachin Gupta
Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited pointed out that Nifty formed a Dragonfly Doji candlestick pattern on the daily timeframe.
“Indian equity benchmark Nifty index witnessed a flat to marginal negative close on 3rd June 2026. The index opened with a gap-down of 67.60 points at 23,415.95, reflecting weak sentiment at the start of the session. Selling pressure dominated the first half of the day, dragging the index to an intraday low of 23,151.50. However, strong buying interest emerged during the latter half of the session, helping the index recover sharply from lower levels,” Gupta said.
“The recovery gathered pace through the second half, pushing the index to an intraday high of 23,459.65. The index eventually settled at 23,405.60, ending the day with a decline of 77.95 points or 0.33% compared to the previous close of 23,483.55,” he added.
On the daily timeframe, the index formed a Dragonfly Doji candlestick pattern, indicating strong buying support emerging from lower levels after an initial phase of weakness. “The long lower shadow reflects rejection of lower levels and suggests that buyers actively defended the lower support zone during the session,” the analyst said.
From a technical perspective, Gupta said immediate support is placed in the 23,100–23,150 zone, while resistance is observed in the 23,650–23,700 range. “The Relative Strength Index (RSI) stands at 41.41, indicating weak momentum though signs of recovery emerged during the latter half of the session. The volatility index, India VIX, rose by 6.01% to close at 16.27, indicating elevated market volatility and cautious sentiment among participants. In the derivatives segment, notable call writing was observed at the 23,500 and 23,700 strikes, while put writing was concentrated at the 23,300 and 23,400 levels, indicating immediate support around lower levels while resistance remains near the higher strikes,” it added.
Sectorally, the market witnessed mixed performance. Strength was visible in PSU Banks, Private Banks, Healthcare, Midcap Healthcare, Pharma and select Financial segments. On the other hand, significant weakness persisted in IT, Realty, Cement, FMCG, Consumer Durables and Media stocks. Nifty IT emerged as the worst-performing sector, declining 5.57%, which weighed heavily on the broader market sentiment. Market breadth remained weak overall, with declining stocks significantly outnumbering advancing stocks reflecting a cautious undertone in the broader market.
- 20 Day EMA – 23,707.55
- 50 Day EMA – 23,917.98
- 100 Day EMA – 24,292.77
- 200 Day EMA – 24,565.34
“The Bank index opened with a gap-down of 173.55 points at 53,541.10, indicating weakness in the banking space at the start of the session. Selling pressure persisted during the first half, dragging the index to an intraday low of 53,027.15. However, robust buying interest emerged thereafter, helping the index stage a sharp recovery. The buying momentum remained strong through the second half, pushing the index to an intraday high of 54,299.35 before settling at 54,185.95, ending the day with a gain of 471.30 points or 0.88% over the previous close of 53,714.65. On the daily timeframe, Bank Nifty formed a bullish candlestick pattern, indicating strong buying support at lower levels. The sharp recovery from intraday lows and close near the day’s high suggests that bulls regained control as the session progressed,” the analyst stated.
From a technical perspective, immediate support is placed in the 53,200–53,300 zone, while resistance is observed in the 55,050–55,150 range. The Relative Strength Index (RSI) stands at 47.57, indicating improving momentum though it remains below the stronger bullish threshold, he said.
“Markets witnessed a highly volatile session with both benchmark indices opening lower amid weak sentiment. While selling pressure dominated the first half, strong buying interest from lower levels helped both indices recover significantly during the latter half of the session. Bank Nifty managed to close firmly in positive territory, while Nifty 50 ended marginally lower despite a sharp intraday recovery. However, broader market breadth remained weak and India VIX moved higher, indicating that caution continues to persist among market participants. Going forward, sustained movement above immediate resistance zones will be crucial for confirming a stronger recovery and improving overall market sentiment,” Gupta concluded.
Nifty Prediction for Thursday, June 4 by Nandish Shah
According to Nandish Shah – Deputy Vice President, HDFC Securities, Dalal Street witnessed another volatile trading session, with bears dominating the first half and bulls staging a strong comeback in the latter half.
“The Nifty opened 68 points lower and extended its decline to an intraday low of 23,151, marking a drop of 332 points to its weakest point. However, buying interest emerged in the second half, leading to a sharp recovery of over 300 points from the day’s low. The index eventually closed at 23,405, down 78 points. NSE cash market turnover fell 6% compared to the previous session,” Shah stated.
Sectoral trends remained mixed. PSU Banks, Private Banks, Healthcare and Pharma indices outperformed, whereas IT, FMCG and Realty sectors faced sharp selling pressure. The Nifty IT index plunged over 5% amid rising concerns around AI disruption and its potential impact on the traditional outsourcing business model.
He further stated, “Broader markets mirrored the benchmark’s recovery in the second half. The Nifty Midcap 100 and Smallcap 100 indices rebounded over 1.5% from their intraday lows, eventually closing with marginal losses of 0.42% and 0.11%, respectively. Market breadth weakened, with the BSE advance-decline ratio slipping to 0.76.”
On the technical front, Shah said the sharp intraday recovery has resulted in the formation of a Doji candlestick on the daily chart, indicating indecision after a correction of over 900 points from the recent swing high of 24,089.
“Going ahead, the day’s low of 23,151 is likely to act as a crucial support level. Traders may consider initiating long positions with a stop-loss at this level, while 23,800 is expected to act as a key resistance zone for the index,” the analyst concluded.
Sectoral indices on Wednesday, June 3
Among sectoral indices on the NSE, a mixed trend was visible. Nifty IT was the worst-performing sector, falling more than 5 per cent amid profit booking and global uncertainty. Nifty FMCG declined by more than 1 per cent, while Nifty Media slipped 0.59 per cent.
On the positive side, Nifty PSU Bank surged 1.70 per cent and Nifty Private Bank gained 0.70 per cent. Nifty Pharma also ended higher, rising 0.33 per cent.
In the broader markets, the Nifty MidCap index ended 0.42 per cent lower, while the Nifty SmallCap index closed down 0.11 per cent.
The investors now will be watching the RBI’s policy outcome, GDP data and further developments in global trade and geopolitical tensions for cues on the market’s near-term direction.
On Tuesday, the Sensex climbed 382.50 points, or 0.52 per cent, to settle at 74,649.84. The Nifty rose by 100.95 points, or 0.43 per cent, to end at 23,483.55.
