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Below the Quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian equity indices ended on a strong note on June 3, with the Nifty closing around 23,263.90 following exit poll results predicting a significant win for the BJP-led NDA. The Nifty surged over 3% on the eve of the results, and the Bank Nifty was around 51,000. Market strength is expected to continue.

On the daily chart, the Nifty opened with a huge gap up of 800 points, made a high of 23,338, and finally settled at 23,263.90, gaining 733 points or 3.25%. The Bank Nifty also opened with a huge gap up, rising over 1,900 points. In the second half of the day, it recovered from the day’s low and made a high of 51,133.20, indicating strong strength in the banking index.

If the Nifty breaks the 23,300 level and sustains, it could further rise to 23,700 and 24,000 levels in the coming days. On the downside, 22,900 and 22,800 will act as immediate support levels. For the Bank Nifty, if the price sustains above the 51,000 level, it could further rise to 52,000 and 52,700 levels. On the downside, 50,400 and 50,000 will act as immediate support levels.

India VIX was down by 14.9% intraday and settled at 20.9375. According to the Open Interest (OI) data, on the call side, the highest OI is observed at the 23,500 strike price, followed by the 24,000 strike price. On the put side, the highest OI is at the 23,000 strike price.

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