Date 03.06.2026

NIFTY OUTLOOK: 23483.55   FII -8362.92 cr    DII 9589.32 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as nifty opened near our support of 23230 and bounce from there to resistance of 23557 thus nifty respected our level on both side.

Further a bullish candle appeared on daily chart of nifty suggest buying pressure hence if if it continue with its buying then on decisively breakout of 23560 it may rally further upto 23637 to 23715. If more demand will accentuate then it may have chances to test 23791.

However for down side 23409 to 23330 may act as immediate supports for the nifty, if break through below these supports and sustain may drift down the nifty upto 23253 to 23176.

Bank Nifty OUTLOOK:

SPOT:  53714.65 Pcr: 0.87 Max Ce OI on 60000 & Max Pe OI on 60000

On Jun 02, 2026, a Bank Nifty index was closed at 53714.65 (71.55) (0.13%). The total movement in the index was 811.70 during the trading session.  The index made a high of 53933.55 and a low of 53121.85.

Technical view:

Important support and resistance level of Bank nifty are 52830 and 54650 respectively.

Intraday Support and resistance of Bank nifty are 53300 and 53950 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 43.60. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis:

Bank nifty is trading above 0 out of 8 SMA’s.

Bank nifty is trading below 8 out of 8 SMA’s (5,10,20,30, 50,100, 150, 200 Day).

No active Candlestick Pattern was identified in bank nifty on daily chart.

Macro:

1.Dollar index is @ 99.195.

2.Vix is @ 15.77.

3.Crude is @ 96.72.

Note: The U.S. and Iran traded more airstrikes on Tuesday evening– the third such incident over the past week, as attempts at negotiating a peace deal yielded few results.

The new strikes come after Iranian media reported earlier this week that Tehran had stopped communicating with the U.S., despite repeated claims from Washington that a deal was close. Oil prices rebounded sharply this week on the prospect of a prolonged U.S.-Iran war, driving up concerns over energy-fueled inflation.

On economic front ,U.S. job openings increased by the most in five years in April, but the surge likely overstates the labor market’s health, as hiring declined against the backdrop ​of economic uncertainty stemming from the Iran war.

The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday also showed resignations dropped to ‌the lowest level in nearly six years in April, a sign of lack of confidence in the jobs market.

Fed will give policy review in two weeks time rate will be unchanged but all eyes will be on Fed chairman’s commentary ( we are expecting hawkish commentary , as at least two fed governess have advocated rate hike if inflation keeps on rising ) . Bullions will be in pressure if hawkish commentary comes and one can expect a correction of 7-10% in bullions.

 Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549