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Published on 04-06-2026 10:25 am

Nifty

Nifty opened on a negative note and witnessed extreme volatility on eitherside for most part of the session. However later hour buy ing momentum pulled index higher to end near day's high. Nifty closed at 23406 with a loss of 78 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 23460 level it would witness buying which would lead the index towards 23550-23670 levels. Important Supports for the day is around 23300 However if index sustains below 23300 then it may witness profit booking which would take the index towards 23260- 23200 levels.

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Published on 04-06-2026 10:23 am

Market Outlook

The Indian market continued to exhibit another volatile session as Nifty 50 index again witnessed a recovery from the intraday low, near 23150 zone and settled at the 23405 with the marginal losses. On the derivative front, fresh call writing witnessed at the 23500 strike suggesting an immediate hurdle zone while on the downside major put writing witnessed at the 23000 strike suggesting a critical downside cushion. Overall, the market is likely to remain range-bound with a cautiously optimistic bias, as long as key support levels remain intact

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Published on 04-06-2026 10:22 am

BANKNIFTY

* The Banking Index extended its recovery for a second consecutive session; however, it remained capped below the 20-DEMA.

* Following a gap-down opening, the index staged a strong intraday rebound and settled in positive territory.

* Most of the index constituents gained with Federal Bank and Union Bank leading gains, while IndusInd Bank and AU Small Finance Bank witnessed profit booking.

* Immediate resistance is placed near 55,500, while crucial support is positioned around 53,000.

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Published on 04-06-2026 10:22 am

NIFTY

* Nifty remained volatile on Wednesday and ended lower, extending the prevailing weak trend amid adverse global cues and persistent macroeconomic concerns.

* After a gap-down start, the Nifty drifted further lower during the first half and tested the crucial 23,150 zone-the gap area on the daily chart-before witnessing a sharp rebound as the session progressed.

* Technically, the Nifty has finally filled the gap on the daily chart around the 23,150 mark and witnessed a swift rebound thereafter.

* Given the prevailing uncertainty, we continue to maintain a cautious stance and recommend a stock-specific approach with strict risk management.

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Published on 04-06-2026 10:09 am

Comments:

Nifty weekly contract has the highest open interest at 24000 CE and 23300 PE while monthly contracts have the highest open interest at 24000 CE and 24000 PE. The highest OI addition was seen at 23500 CE and 23000 PE in weekly and at 24000 CE and 23200 PE in monthly contracts. FIIs increased their future index long holdings by 5.76%, increased future index shorts by 12.01% and in index options, 27.41% increase in Call longs, 13.60% increase in Call short, 11.53% increase in Put longs and 21.74% increase in Put shorts

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