Indian equities saw a volatile but rangebound session on June 5, with the Nifty 50 closing at 24,751, up 131 points. Despite midday gains of nearly 200 points, the index gave up most of them before ending higher. Support at 24,500 remains strong, keeping the bullish bias intact.
🔑 Key Technical Levels
Support: 24,500
Immediate Resistance: 24,900
Breakout Trigger: Sustained close above 24,900 could open doors to 25,000+
🏦 Eyes on RBI
Markets are pricing in a 25 bps repo rate cut by the RBI on June 6 — the third cut this year. A deeper cut could spark bullish sentiment and push Nifty past its current ceiling.
💹 Sector & Stock Highlights
Outperformers: Realty, Pharma, Healthcare
Underperformers: PSU Banks, Auto, Media
Top Gainers: Eicher Motors, Trent, Dr Reddy’s
Top Laggards: IndusInd Bank, Tata Consumer, Axis Bank
Buzzing Stocks:
Reliance Industries (+1%) on JPMorgan upgrade
DLF, Godrej Properties on continued realty rally
Hindustan Zinc (+6%) amid record silver prices
📊 Broader Market Trends
Nifty Midcap 100: +0.53%
Nifty Smallcap 100: +0.96% (4-month high)
📉 Analyst Views
Golden crossover on Nifty’s daily chart hints at short-term uptrend (Rupak De)
Base formation near 24,500 supports bullish continuation (Devarsh Vakil)
Watch for a decisive break above 24,900 for momentum to pick up (Om Mehra)
Strategy for Traders:
Long bias if Nifty holds above 24,500 and breaks past 24,900
Cautious near resistance if RBI outcome disappoints
Watch rate-sensitive sectors (Realty, Banks, Auto) closely post-policy