The Nifty ends 70 points higher, while the Sensex was up by 260 points
Shrikant Chouhan,
Head – Equity Research,
Kotak Securities
Mumbai, June 4, 2025: “Today, the benchmark indices witnessed range-bound activity. The Nifty ends 70 points higher, while the Sensex was up by 260 points. Among sectors, the Digital index gained 1.35 percent, whereas selective financial stocks registered intraday profit booking at higher levels. Technically, after a muted open, the market witnessed some recovery from the lower levels. However, it is still trading below the 20-day SMA (Simple Moving Average) of 24,700/81300, which is largely negative. We believe that the current market structure is non-directional, and the intraday formation indicating range-bound activity is likely to continue in the near future. For traders, the key levels to watch are 24,450/80500 and 24,700/81300. A move above the 20-day SMA or 24,700/81300 could see the market rallying toward 24,760–24,850/81500-81800. Conversely, a dismissal of 24,450/80500 could accelerate selling pressure, with the market potentially slipping to 24,320–24,300/80100-80000.”
Satish Chandra Aluri, Lemonn Markets Desk, adds: Markets rebounded on positive global cues. Benchmark indices rebounded on Wednesday and posted gains after three sessions of losses. Broader mid and small caps also posted gains continuing their outperformance.
Markets opened higher on positive global cues after strong overnight US gains on trade optimism. However, markets moved in a rangebound manner with gains kept in check ahead of RBI policy meeting later this week. Despite continued foreign investor selling (Rs 2,854 crore outflow in previous session), domestic institutional investors absorbed Rs 5,908 crore, lending support. Top-performing sectors included metals, IT, and autos, buoyed by global trends and sectoral rotation.
Technically, Technically, the Nifty's RSI hovered around 50, indicating neutral momentum. Key resistance stands at 24,850—above which sustained upside is more likely. Until then, a ‘sell on rise’ bias may prevail. On the downside, 24500-24550 acts as immediate support zone.
Looking ahead, the RBI policy meeting, monsoon progress, and global cues will shape market direction. Derivatives positioning suggests caution despite historical June strength for the Nifty.
