The market witnessed extreme volatility on May 31 ahead of GDP data announcement later today and Lok Sabha general election 'Exit Poll' on June 1.
At close, the Sensex was up 75.71 points or 0.10 percent at 73,961.31, and the Nifty was up 42 points or 0.19 percent at 22,530.70.
For the week, BSE Sensex and Nifty50 shed nearly 2 percent each.
Despite mixed global cues, the market opened positive with Nifty starting June F&O series above 22,550, however, witnessed a rangebound movement, but ended higher snapping five-day losing streak.
Top Nifty gainers included Adani Enterprises, Adani Ports, Shriram Finance, Coal India and Tata Steel, while losers included Divis Labs, Nestle India, LTIMindtree, Maruti Suzuki and TCS.
Among sectors, metal, power, telecom, realty up 1-2 percent, while media, FMCG healthcare and Information Technology indices down 0.3-1 percent.
The BSE midcap index ended flat while the smallcap index gained 0.8 percent.
130 stocks touched their 52-week high on the BSE, including Blue Star, Coromandel International, Emami, Fortis Healthcare, GlaxoSmithKline Pharmaceuticals, Godawari Power, J Kumar Infra, Jindal Stainless, Jupiter Wagons, KNR Construction, Samvardhana Motherson International, Oberoi Realty, TVS Holdings, among other stocks. Click to view full list
Outlook for June 3
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty remained volatile within a narrow range during the day as investors awaited the election results. The highest call writing is visible at 23000, while there is significant put writing at 22500, indicating that the Nifty might oscillate between 22500 and 23000 in the next few days. However, a fall below 22500 might trigger a correction towards 22000.
Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Thus, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty witnessed a volatile day of trade today. It opened the gap up and consolidated for the day to close on a positive note up ~42 points. On the daily charts we can observe that the Nifty consolidated within the range of the previous trading session and has formed an inside bar pattern which makes the extremes of the range 22700 – 22400 crucial levels to watch out for. A breakout on either side shall lead to a treading move in that direction. In terms of levels, 22420- 22313 is the crucial support zone while 22820 – 22900 is the crucial resistance zone from short term perspective.
Bank Nifty continued with the momentum and closed in the positive for the second consecutive trading session. Daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, we expect the momentum to continue. On the upside crucial support is placed at 48600 – 48500 while immediate hurdle is placed at 49700 – 49800.
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