Nifty and Bank Nifty Prediction for Monday 5 June 2023

Nifty and Bank Nifty Prediction for Monday 5 June 2023: Indian equity market indices ended the volatile session slightly higher on Friday, tracking positive cues from the global markets. The domestic equity market sentiments were positive due to the progress of the US debt ceiling deal and optimistic GST revenue collections in May. Among the sectors, Nifty realty, metals, and PSU Banks led the gains while IT and Energy stocks witnessed some selling pressure on the last day of the week.

The market breadth was strong enough on Friday. The broader markets outperform their larger peers, as Nifty mid and smallcap indexes gained 0.46 percent and 0.50 percent respectively. At the close, Sensex and Nifty advanced 0.19 percent and 0.25 percent respectively.

Nifty and Nifty Bank futures price movement on Friday, 2 June 

On Friday 2 June, the Nifty futures (June Series) opened at the 18618.65 mark, it made a positive opening of 48.65 points from the previous close. It touched an intraday high at 18675.50 and a day’s low at 18556.35

The Nifty futures have given a movement of 119.15 points on Friday. In the end, it closed higher by 59.95 points or 0.32 percent and ended at 18629.95 levels.

The Bank Nifty futures (June Series) opened at 44115 levels on the last day of the week. It made a positive opening of just 166.75 points on Friday. It has touched an intraday high at 44271.45 and a day’s low at 43950

On Friday, the Bank Nifty futures gave a movement of 321.45 points. At the close, it ended higher by 121.55 points or 0.28 percent and closed at 44069.80 levels.

Nifty & Bank Nifty Prediction for Monday 5 June 2023 (June Expiry)

Nifty Futures Prediction for Monday 5 June 2023

Primary Nifty Trend in Futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking  @ 18700 whereas All Down Moves can initiate Short Covering @ 18550

If the Nifty futures share price Moves Above 18652 and sustains. Then it can touch the 1st Target of 18682 during the day with a Stop Loss of 18630 FOR the Target of 18682- 18710- 18740

If the Nifty futures share price Moves Below 18578 and is sustained. Then it can touch the 1st Target of 18554 during the day with a Stop Loss of 18610. For the Target of 18554- 18522- 18470

Bank Nifty Futures Prediction for Monday 5 June 2023

Primary Trend of  Bank Nifty Futures: Sideways

Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 44300, whereas All Down Moves can Initiate Short Covering @ 43850

Suppose the Bank Nifty futures Moves Above 44186 and sustain, then it can touch the 1st Target of 44270 during the day with a Stop Loss of  44070. For the Target of 44270- 44350- 44470

If the Bank Nifty futures Moves Below 43940 and sustain, then it can touch the 1st Target of 43860 during the day with a Stop Loss of 44020. For the Target of  43860- 43750- 43680

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Global stock market updates

European stock market indexes closed higher on Friday, as the sentiments become positive due to the optimism after US lawmakers reached an agreement to raise the nation’s debt ceiling, averting the threat of a government default.

The stronger-than-expected monthly US job creation data points to a robust economy also aided market sentiments. France’s manufacturing sector performance reported better than expectations as output climbed by 0.8% in April, compared to a 1.1% contraction in March.

The US stock markets rallied on Friday after the monthly labor market data pointed to a potential pause in rate hikes by the Fed in the next meeting. Investors were also optimistic about news the debt-ceiling bill could likely be signed into law as soon as Saturday to avoid a U.S. default. 

The monthly job report showed that the U.S. economy created 339,000 new jobs in May, above expectation but the unemployment rate rose more than expected and wage growth slowed in May. Energy stocks led the gains for the second straight day on speculation that OPEC+ may announce to cut production at Sunday’s meeting.

Conclusion

Indian stock markets traded positively and closed above their neutral lines on Friday with support from global markets. The sentiment was lifted in the hope that the US Fed may pause the rate hike at its next meeting and on approval of U.S. debt ceiling legislation. 

The better-than-expected monthly job reports lifted the market sentiments in US and Europe on Friday. The Asian markets could follow the global cues on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.

Also, read- Global Stock Market – Weekly News and Analysis Report      

                    Stocks in News – Weekly Indian Stock Market Updates

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