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ICICI Direct

OUTLOOK

Published on 02-06-2026 10:33 am

Intraday Rational:

* Trend- Index has been consolidating in 55000-52800 over past three weeks

* Levels- Sell around 61.8% retracement of yesterday decline

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ICICI Direct

OUTLOOK

Published on 02-06-2026 10:33 am

Technical Outlook:

* Index opened on a positive not but failed to sustain above opening highs and moved southwards forming lower high lower low as intraday pullbacks were short lived. The daily price action resulted into long bear candle with lower high lower low, indicating selling pressure at higher levels.

* Key point to highlight is that, over past 25 sessions Index has failed to sustain above its 50-day EMA, In current scenario also Index faced resistance at same level. Unless and until it closes above this key moving average, we expect prolongation of consolidation. Slower pace of retracement as 3 week rally got retraced by 61.8% in 6 weeks makes us believe 52800 to act as strong support • Amidst ongoing consolidation, we retain support base placed at 52800 being 61.8% retracement of entire rally (49954-57456)

* Nifty PSU Bank relatively underperformed the banking space and closed in vicinity its 52-week EMA. We expect Index to form higher base above 7800 levels and holding above the same would keep pullback option open towards 8600 levels being 61.8% retracement of current decline(9095-7800)

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ICICI Direct

OUTLOOK

Published on 02-06-2026 10:33 am

Nifty Bank : 53690

Technical Outlook

Day that was:

Bank Nifty Index ended the day 1% negative at 53690 on back of mixed global cues. Nifty PSU Bank relatively underperformed losing 1.8%.

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ICICI Direct

OUTLOOK

Published on 02-06-2026 10:32 am

Intraday Rational:

* Trend – Prolongation of consolidation in 23800-23200 range over third consecutive week

* Levels – Buy around lower band of gap-area.

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ICICI Direct

OUTLOOK

Published on 02-06-2026 10:32 am

Key Monitorable:

* RBI Policy

* IIP Data

* Falling crude oil & US 10-year treasury yield would fuel momentum in the Indian market

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