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Key support level for Nifty is placed at 9,711.54, followed by 9,596.92. If the index moves up, key resistance levels to watch out for are 9,936.18 and 10,046.22.

June 01, 2020 / 09:42 PM IST

Extending gains into the fourth consecutive session, equity benchmarks --Sensex and Nifty -- ended with healthy gains on June 1. Positive global cues, expectations of economic activity coming back to normal and forecast of a normal monsoon lifted investor sentiment.

The Sensex ended 879 points, or 2.71 percent, higher at 33,303.52. The Nifty closed up 246 points, or 2.57 percent, at 9,826.15. The BSE Midcap and Smallcap indices closed 2.65 percent and 3.03 percent higher, respectively.

Ajit Mishra, VP - Research, Religare Broking is of the view that the recent surge indicates that the market is focusing more on the optimistic side and anticipating a favourable scenario.

"We suggest maintaining a positive yet cautious approach as the Nifty is closer to the resistance zone of 9,950-10,050. Besides, the continuous spike in COVID-19 cases and subdued earnings may cap the upside ahead. On the global front, further deterioration in US-China relations is another important factor that could unsettle global markets. In short, traders should use a further surge to liquidate aggressive longs around the hurdle and wait for any dip to re-enter," Mishra said.