Nifty Prediction for Wednesday, June 3: After staging a remarkable comeback from a sharp gap-down opening on Tuesday, the benchmark NSE Nifty50 is bracing for a critical test on Wednesday, June 3. Technical experts predict a cautiously optimistic to range-bound session as the index tries to build on its recovery today and challenge key resistance levels.
Nifty at close on Tuesday, June 2
Created with AI. Errors are possibleThe NSE Nifty 50 gained 100.95 points or 0.43 per cent to close comfortably at 23,4803.55, on a late pullback led by heavyweight IT, metal, and consumer durable stocks, even as investors remained cautious ahead of key trade negotiations between India and the United States.
The Nifty opened with a downside gap and tested prior swing low support, which also turned out to be the day’s low, ANI quotes as said by Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
The index then staged a steady pullback to close at 23,483, forming a bullish candle on the daily chart and indicating buying interest at lower levels. About 2,222 shares advanced, 1,803 declined, and 165 were unchanged, he said.
“The index eventually settled at 23,483.55, ending the day with a gain of 100.95 points or 0.43% over the previous close of 23,382.60,” Gupta said.
Nifty gainers on Tuesday, June 2
Buying interest in heavyweight IT stocks lifted the market, with Tata Consultancy Services, Infosys, and HCL Technologies emerging as the top gainers on the Nifty index.
Nifty Prediction for Wednesday, June 3 by experts
Market experts believe the formation of a strong bullish candle on the daily chart indicates renewed buying interest at lower levels, although sustained gains above key resistance zones will be necessary to confirm a stronger recovery.
Nifty Prediction for Wednesday, June 3 by Sachin Gupta
On the daily timeframe, Gupta stated the index formed a strong bullish candlestick pattern after opening at the day’s low and closing near the day’s high.
“The price action indicates sustained buying interest from lower levels and suggests that bulls attempted to regain control after the sharp decline witnessed in the previous session,” the analyst further said.
From a technical perspective, Gupta said immediate support is placed in the 23,200–23,250 zone, while resistance is observed in the 23,700–23,750 range.
“The Relative Strength Index (RSI) stands at 42.95, indicating a modest improvement in momentum though the index continues to trade below the stronger bullish zone. The volatility index, India VIX, declined by 7.18% to close at 15.35, indicating increased volatility and caution among market participants despite the recovery in benchmark indices,” he said.
In the derivatives segment, notable call writing was observed at the 23,500 and 23,700 strikes, while put writing was concentrated at the 23,500 and 23,300 levels, indicating a broad trading range with immediate support placed around lower levels, Gupta said.
Sectorally, the market witnessed a mixed-to-positive performance. Strong buying interest was visible in IT, Consumer Durables, FMCG, Auto, Realty and PSU Bank stocks, while weakness persisted in Pharma, Healthcare, Financial Services, Midcap Healthcare and Oil & Gas segments. Nifty IT emerged as the top-performing sector with a gain of 4.23%, providing significant support to the broader market recovery, he stated.
“Market breadth remained positive, with advancing stocks comfortably outnumbering declining stocks. Out of 3,426 stocks traded, 2,034 stocks advanced, while 1,285 stocks declined and 107 remained unchanged,” Gupta stated.
- 20 Day EMA – 23,739.34
- 50 Day EMA – 23,938.89
- 100 Day EMA – 24,310.69
- 200 Day EMA – 24,576.99
Bank Nifty Prediction for Wednesday, June 3
“The Bank Nifty index opened with a gap-down of 378 points at 53,265.10, indicating weakness in the banking space at the start of the session. Selling pressure persisted during the early part of the day, dragging the index to an intraday low of 53,121.85 during the first half. However, strong buying interest emerged thereafter, helping the index recover steadily through the session. The recovery accelerated during the second half, pushing the index to an intraday high of 53,933.55 before settling at 53,714.65, ending the day with a gain of 71.55 points or 0.13% over the previous close of 53,643.10. On the daily timeframe, Bank Nifty formed a bullish candlestick pattern after recovering sharply from lower levels and closing near the day’s high. The price structure indicates buying support emerging around lower levels and suggests improving short-term sentiment within the banking space,” Gupta stated.
From a technical perspective, the analyst said immediate support is placed in the 53,000–53,150 zone, while resistance is observed in the 54,000–54,300 range. The Relative Strength Index (RSI) stands at 43.62, indicating improving momentum though it remains below the stronger bullish threshold.
“Markets witnessed a strong recovery session after opening sharply lower with significant gap-downs. Both benchmark indices attracted buying interest from lower levels and recovered throughout the day, eventually closing near their respective highs. The rebound was largely supported by strength in the IT sector, while market breadth remained firmly positive, reflecting broader participation in the recovery. The decline in India VIX suggests that market volatility has eased, which may support improved investor confidence and a more stable trading environment. Going forward, sustained movement above immediate resistance zones will be crucial for confirming a stronger recovery and improving overall market sentiment,” he concluded.
Nifty Prediction for Wednesday, June 3: What other experts said
Commenting on Nifty technical outlook, experts, as quoted by IANS, said the 23,500–23,550 region remains an important immediate resistance zone.
“A sustained breakout above this range could improve market sentiment and pave the way for a recovery toward the 23,750–23,800 levels,” an analyst stated.
“On the downside, the 23,300–23,250 zone continues to serve as a crucial support area,” as per the expert.
Broader markets on Tuesday, June 2
Broader markets also ended in positive territory. The Nifty MidCap index rose 0.18 per cent, while the Nifty SmallCap index gained 0.40 per cent during the session.
Among sectoral indices, the Nifty IT index led the gains. The Nifty Consumer Durable, Nifty Auto, and Nifty FMCG indices also outperformed the broader market. However, defensive sectors remained under pressure, with the Nifty Pharma and Nifty Healthcare indices ending lower.
Investor sentiment remained focused on the ongoing trade discussions between India and the United States.
A US delegation led by Assistant US Trade Representative for South and Central Asia Brendan Lynch began a three-day round of talks with Indian officials in New Delhi on Tuesday to finalise the first tranche of the proposed bilateral trade agreement.
Market participants are closely tracking developments from the negotiations, as expectations of progress in the trade pact continue to support sentiment.
“With the earnings season largely concluded, investor focus has shifted to key macro factors including monsoon progress, inflation trends, RBI policy, and liquidity conditions,” a market expert mentioned.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
