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Nifty Prediction for 4th June 2024. Will the Bull Run continue?
Nifty witnessed a bull run taking it over the 23,300 level after the exit polls predicted the continuation of the current government, and this rally may continue in the coming weeks if everything goes well as predicted, otherwise we may see some profit booking in the market.
Nifty blasts more than 700 points or 3% on Monday, as exit polls predict a huge marginal win for the BJP Government spreading the Positive sentiment in the market crossing the 23,300 mark for the first time in history.
The main leader of this rally is the SBI Bank, as the bank is just waiting for a spark as its upward movement was suppressed despite better-than-expected q4 results because the overall Banking Index was under pressure at that time, and today when the buyers got a chance to push it higher, it rallied almost 10% which is likely to be the highest single-day gain in the past several years.
More than that, Nifty PSU stocks, especially Infrastructure and PSU Banks rallied around 7% each, along with the Energy and Oil and Gas Sector, where the IT, FMCG, and Healthcare sectors witnessed a flat trading session.
Looking at the Nifty 50 Stocks,
Top Gainers: Adani Ports, SBI, NTPC, Power Grid Corp, ONGC,
Top Losers: Eicher Motors, LTI Mindtree, HCL Tech, Asian Paints, Sun Pharma
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 4th June 2024
Looking ahead to Tuesday, Nifty is set for a new high driven by the Election Result news/exit polls, and if the current government comes into power again then we may see Nifty crossing the 23,500 today, and heading toward the 24,000 mark in the coming session, but the win must be with certain margins, otherwise, we might see profit booking on Tuesday.
Already, we saw a more than 3% rally in Nifty and other Indices driven by Index Heavyweights, Infrastructure, and PSU stocks, and if the exit polls were right in predicting that BJP alone crosses the 300 mark, then we may see a bull run in the market on Tuesday, otherwise if they missed it then, we saw profit booking and if BJP loses, which is rare, then we may see nifty at 22,500 on Tuesday.
What to Expect on Tuesday 4th June 2024
So, on Tuesday, in my opinion, Nifty may open flat, taking the election results into account, and till the results are announced, it may trade flat or slightly upward as everyone eyes on the election result.
And, if everything goes as the exit polls predict, then we may see a rally in the market but if their predictions fail then we might see some profit booking on Tuesday.
Anyway, on the daily chart, Nifty formed a Hanging Man Pattern on the top which is a Bearish Reversal Pattern, indicating a fall in the market in the coming sessions, but everything in the Market on Tuesday will depend on the Election Results.
So here are the trading levels for Tomorrow – I don’t know (it’s funny)
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,500 (39.46L) | 24,000 (98.46L) |
| 23,000 (26.43L) | 23,500 (71.07L) |
| 23,500 (19.14L) | 23,000 (40.86L) |
Nifty50 Support and Resistance for 4th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,200 – 23,000 | 23,500 |
| 22,800 | 22,800 |
| 22,600 | 24,000 |
Nifty Trade Strategy for 4th June 2024
I suggest staying out of the market is a good idea, as we don’t know about the election results, and till the results are announced any pre-trade is a stupid move.
But if you are more curious then putting both put and call in your trade basket is not a bad idea.
If you ask me, then stay out of the market and keep an eye on the results counting.
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
