80Pts Gap Up - Nifty & Bank Nifty Today? Pre Market report, Analysis & Prediction -02 June 2023

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty, 2nd June 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target.

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Hello every one, this is the pre market report video for today Jun 2nd in the Indian stock market in terms of nifty and bank nifty

Coming to technical,

Yesterday, nifty opened higher and the opening price was the highest point of the day and it declines throughout the day, making it a large red candle with the small upper shadow.

And this happed in the uptrend, thus this formation is called Bearish Belt Hold formation. Its kind of indicating the possible trend reversal from bullish to bearish but requires further confirmation in the upcoming session.

However, The daily momentum indicator has a positive crossover. Thus, this dip could be a buying opportunity. And the pattern of higher tops and higher bottoms that formed since the March 2023 lows was not yet disturbed. This indicates that the intermediate uptrend is still intact.

I expect the Nifty to find support around the previous swing high of 18450 before again resuming the uptrend. Of course, if this support fails to hold, then a further correction is likely.

I mean for the moment, The overall sentiment slightly negative but it might change as soon as Nifty moves above 18500 level.

Then in case of bank nifty, it too forms the similar candle. I mean it opened higher, but could not able to sustain those levels for long.

As yesterday, again through out the day, it was remained under pressure after the initial hour of trade and hit a day's low of near 43,700. Thus it forms the long bearish candlestick pattern on the daily charts making lower highs and lower lows formation.

However, yesterday India VIX cooled down further to below 12 levels, so I am guessing significant selling pressure is unlikely in the near term. Generally low level of volatility indicates a high level of confidence in market.

then from Pivot chart for nifty, at present the support is present at around 18470 and strong support at 18400.

On the higher side, the resistance to break is at 18620.

Then in terms of bank nifty, The support is present around 43600 whereas the resistance is at 44185.

So that’s all in this video.