Quote on Market Wrap Up 02 June 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap Up 02 June 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Today, the benchmark indices witnessed an intraday recovery from lower levels. The Nifty ends 34 points lower, while the Sensex was down by 77 points. Among sectors, the Reality, Capital Market, and PSU Bank indices outperformed, gaining over 2 percent, whereas selective Metal and IT stocks registered intraday profit booking at higher levels. Technically, after an early morning intraday sell-off, the market took support near 24,500/80600 and bounced back sharply.
We are of the view that, the current market texture is non directional hence level based trading would be the ideal strategy for day traders, 24,650/81100 and the 20-day SMA or 24,700/81300 would act as key support levels. Above these levels, the market could move up to 24,820–24,900/81600-81800. On the flip side, below 24,650/81100, selling pressure is likely to accelerate. If the market falls below this level, it could correct up to 24,500–24,450/80600-80400
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