Sensex Prediction for Wednesday, June 3 by experts: After a spectacular 1,047.07 points intraday high on Tuesday, June 2, the 30-share BSE Sensex is preparing for a crucial test on Wednesday, June 3. Technical experts are predicting a cautiously bullish to neutral session as the benchmark index attempts to reclaim the psychologically vital 75,000 mark, backed by a powerful rally in IT shares.
Sensex at close on Tuesday, June 2
Created with AI. Errors are possibleSensex gainers and losers today, June 2
Sensex Prediction for Wednesday, June 3 by experts
Market experts suggest that Tuesday’s robust daily reversal candle sets a strong foundation for trading session on Wednesday. The benchmark BSE Sensex is expected to witness a cautiously positive start on Wednesday, as technical indicators point to improving market sentiment following a strong recovery from key support levels.
Sensex Prediction for Wednesday, June 3 by Hitesh Tailor
According to Hitesh Tailor, Technical Research Analyst at Choice Broking, said, the BSE Sensex today closed at 74,649.84, gaining 382.50 points (+0.52%) after witnessing a strong recovery from lower levels.
“The index opened gap down by around 322 points at 73,945.20 and touched its intraday low of 73,815.12 in the opening session amid weak sentiment. However, buying interest emerged at lower levels, which helped the index recover steadily throughout the day. The recovery gained momentum during the session, pushing the Sensex to an intraday high of 74,862.19, before settling at 74,649.84, indicating renewed buying interest and resilience near key support zones,” he said.
Technically, Tailor said the index formed a strong recovery candle on the daily chart after taking support near the 73,800–74,000 zone, highlighting the presence of buyers at lower levels. “The ability of the index to rebound sharply from intraday lows and close with healthy gains suggests improving short-term sentiment,” noted.
On the upside, 75,000–75,250 remains the immediate resistance zone, while 73,800–74,000 will act as a crucial support area.
“A sustained move above the resistance band could strengthen bullish momentum, whereas any failure to hold above support may trigger renewed volatility,” Tailor stated.
Sector-wise, Information Technology, Focused IT, Consumer Durables, Telecommunication, Services, Consumer Discretionary, Auto, Realty, Metals, Capital Goods, and PSU Banks witnessed buying interest and outperformed during the session. The sharp strength in IT stocks remained the key driver of the market recovery. On the other hand, Energy, Financial Services, Healthcare, Utilities, Oil & Gas, and Power sectors ended in the red and underperformed the broader market. Banking indices traded with a mixed undertone, while broader market participation improved compared to the previous session, Tailor said.
Hr further said the overall market bias has improved to positive with a bullish undertone as the index staged a strong rebound after testing key support levels and recovered most of its opening losses.
“The sharp intraday recovery reflects renewed buying interest at lower levels and suggests that market participants are willing to accumulate on declines. Going forward, sustained trading above the 73,800–74,000 support zone could keep the recovery momentum intact, while a decisive move above 75,000–75,250 may open the door for further upside in the coming sessions,” he concluded.
Sensex Prediction for Wednesday, June 3 by Vipin Dixena
According to SEBI-registered analyst, Vipin Dixena, Sensex is attempting a technical rebound after finding support near the 73,900 zone, but the broader trend remains cautious as the index continues to trade below the 50 EMA.
“The recent bounce has pushed prices back toward the key 74,900–75,000 resistance area. RSI has recovered sharply from oversold levels and moved above 50, indicating improving short-term momentum,” the analyst further stated.
A decisive move above 75,000 can extend the recovery toward 75,600, while failure to sustain the bounce could lead to renewed weakness toward 73,900. “Overall bias has improved from bearish to neutral, but stronger trend confirmation requires a breakout above resistance,” he concluded.
Broader markets today, June 2
Broader markets advanced with the BSE MidCap Select index rising by 0.33 per cent and SmallCap Select index by 0.19 per cent.
Among indices, IT surged the most by 4.40 per cent, followed by Focused IT (3.83 per cent), Consumer Durables (1.23 per cent), Services (1.11 per cent), Telecommunication (0.95 per cent), MidSmall Private Banks Quality Tilt (0.93 per cent), Consumer Discretionary (0.83 per cent), FMCG (0.72 per cent) and Auto (0.68 per cent).
Power, Utilities, Financial Services and Oil & Gas were the laggards.
A total of 2,301 stocks advanced, while 1,904 declined and 172 remained unchanged on the BSE.
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,911.68 crore on Monday, according to exchange data.
On Monday, the Sensex dropped 508.40 points, or 0.68 per cent, to settle at 74,267.34. Falling for the fourth consecutive day, the Nifty edged lower by 165.15 points, or 0.70 per cent, to end at 23,382.60.
(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.)
