Nifty 50, Sensex Today: What to expect from Indian Stock Market in Trade on June 6 ahead of RBI Policy

The Indian Stock Market Benchmark Indices, Sensex and Nifty 50, Are Likely to Open on a Tepid Note Friday Amid Mixed Global Market Cues and Ahead of the RBI Policy Today.

The trends on gift nifty also indicate a tepid start for the Indian Benchmark Index. The gift nifty was trading Around 24,841 level, a discount of Nearly 20 points from the nifty futures’ Previous close.

The reserve bank of India (RBI) Governor Sanjay Malhotra Will Announce the Monetary Policy Decision Today. The RBI’s Monetary Policy Committee (MPC) is Likely to Deliver A 25 Basis Points (BPS) REPO RATE CUT to 5.75% from 6%.

Onhhursday, the domestic equity market indices ended over half a percent higher et, with the benchmark nifty 50 closing Above 24,700 Level.

The sensex gained 443.79 points, or 0.55%, to close at 81,442.04, while the nifty 50 settled 130.70 points, or 0.53%, higher at 24,750.90.

Here’s what to expect from senses, nifty 50 and bank nifty ahead of rbi monetary policy today:

Sensex prediction

Sensex formed a revered formation on daily charts and is currently trading near the 20-day SMA (Simple Moving Average).

“We believe that 81,000 would act as a key support zone for traders. 82,000 – 82,200. Securities.

Nifty oi data

Nifty Open Interest (OI) Data Shows the Highest Concentration on the call side at the 24,800 and 25,000 strike prices, indicating strong resistance at these levels. On the put side, Significant Oi Build-up is observed at the 24,700 and 24,500 strike prisles, marking these as key support zones, said hardik matalia, derivative analyst at Choice Broking.

Nifty 50 prediction

Nifty 50 ended the session at 24,750.90, advancing 0.53%, after staging a sharp intraday recovery from lower levels. Although the Index Encounted Profit-Booking Near the Higher Band of the Recent Range, It Managed to Hold FIRM and Closed the Day with Respectable Gains.

“Nifty 50 formed a small-bodied candle with equal-length wicks on both ends, highlighting the tug of war between bulls and bears. Averages (EMA), Indicating that the Short-Term Setup Remains Positive. Upward Momentum, “Said Om Mehra, Technical Research Analyst, Samco Securities.

According to Him, on the Downside, ImmediaTe Support is Placed at 24,600, Followed by a More Critical Critical Cushion Near 24,550. Until a Breakout Materializes, The Index is Likely to Oscillate Within This Defined Range, with a Mild Bulish Tilt.

Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the nifty 50 formed a doji candle well with with range of 24,500 and 25,100 Levels.

“The index bounced from the 24,500 level, indicating strong support at this level. Next Week’s expiry also shows a sideways move; however, the index may pick the direction based on today’s rbi policy meeting, “said dwarakanath.

According to Vla Ambala, Co-Founder of Stock Market Today, Nifty 50 FORMED A High Wave Doji Candlestick Pattern on the Daily Timeframe, reflecting a sense of index in the broader market.

“The Index’s 20-Day Ma Emerged as a Crucial Support Level It Traded Within The 24,300 to 25,000 Rang Cut is Expected to Increase Liquidity in the Market. Experience Resistance Near 24,920, 25,000, and 25,150, ”Ambala Said.

Bank nifty prediction

Bank nifty ended 84 points, or 0.15%, Higher at 55,760.85 on Thursday, Continuing to Trade Within a Narrow range that has helred for the past for the past several weeks.

“Bank Nifty Index Formed A Second Doji Candle with Small Shadows on Eiter Side Highlighting Consolidation Ahead of the RBI MoneTary Policy Outcome Today The upper band of the last 6 weeks consolidation range 56,000 – 53,500. Extension of the last five weeks’ consolidation, “said bajaj broking research.

The short-term structure remains constructive with immediative support is placed at 55,000-55,200 Levels, While Key Short-Term Support is Seen at 54,000-53,500, 53,500, Which Coincids White Co. 50-day ema, key fibonacci retracement levels, and lower end of the installed five-wheek consolidation band, it added.

Om Mehra Believes That While Price Action Remains

“Bank Nifty Index is Trading Above All Major Moving Averages, and the Ascending Triangle Visible on the Daily Chart Suggessts The Potential For An Upward Push. Fresh Leg of Gains.

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