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Index Outlook For 2nd June 20

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Extending gains into the fourth consecutive session, equity benchmarks Nifty — ended with healthy gains on 1st June.

Positive global cues, expectations of economic activity coming back to normal, and forecast of a normal monsoon lifted investor sentiment.

The Nifty closed up 246 points, or 2.57 percent, at 9,826.15.

The recent surge indicates that the market is focusing more on the optimistic side and anticipating a favourable scenario.

We suggest maintaining a positive yet cautious approach as the Nifty is closer to the resistance zone of 9,950-10,050.
Besides, the continuous spike in COVID-19 cases and subdued earnings may cap the upside ahead.
On the global front, further deterioration in US-China relations is another important factor that could unsettle global markets.

Nifty Future Intraday Level

Resistance 1 – 9820
Resistance 2 – 9845
Resistance 3 – 9873

Support 1 – 9758
Support 2 – 9733
Support 3 – 9699

Bank Nifty Future Intraday Level

Resistance 1 – 20000
Resistance 2 – 20109
Resistance 3 – 20205

Support 1 – 19748
Support 2 – 19610
Support 3 – 19489

Note – Level may subject to Gap up and Gap Down Opening

Thanks!

ProCapitas Market-Pro Team

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