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The Nifty 50 index continued its upward momentum and closed 0.5 per cent higher at 24,751, just a day before the RBI’s important policy announcement. It comfortably crossed the 24,700 mark, which was seen as a key level. The market’s volatility index, India VIX, also fell to its lowest point in two months, showing that investors were feeling more confident.
Looking ahead, 24,900 is the next major level to watch. If the index goes above it, we might see a further rise to 25,000–25,200. On the downside, if the market weakens, 24,500 is expected to act as a strong support.
Nifty started the day strong at 24,691 and remained positive throughout. It ended with a 131-point gain, forming a bullish candle on the chart, which usually means buying strength. However, the long upper shadow indicates there was some selling at higher levels. If the RBI’s decision turns out to be favorable, the market may see a sharp rally.
Based on weekly options data, traders believe 25,000 could be a tough resistance because that’s where most selling bets are placed. On the other hand, 24,700 is expected to be a strong support, with many buy bets made there.
The Bank Nifty index also moved up, gaining 84 points to close at 55,761, though it didn’t perform as strongly as the Nifty 50. It formed a Doji candle, which shows indecision in the market, especially with the RBI policy decision coming up. If Bank Nifty moves above 55,900, it could trigger buying and push the index to 56,100 or even 56,400. On the downside, 55,600 is the support level.
The India VIX, which reflects expected market volatility, dropped for the third straight session to 15.08, falling over 4 per cent, which is a good sign for market stability.
Among the top-performing Nifty stocks were Eternal, Dr Reddy’s Labs, Trent, Power Grid Corp, and ICICI Bank. On the losing side were IndusInd Bank, Bajaj Finserv, Axis Bank, Tata Consumer, and Bajaj Finance. Most sectors ended in the green, with IT, metal, pharma, and realty gaining between 0.5 per cent to 1.7 per cent, while PSU banks, media, and auto sectors were slightly weaker.
SHAKTIPUMP – TECHNICAL CALL OF THE DAY
Stock is moving in an upward slope on a daily basis as visible in the charts via trendline. It is also trading above its key 40 as well 200 EMA levels which provides comfort on the near term basis. It touched the 100-EMA levels as well but closed below it. A confirmation above 100-EMA will provide more strength. A positive RSI divergence is visible in charts and this is supported by a positive supertrend indicator reflecting bullish implications.
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Top 5 stocks to watch out for 6th Jun
Coal India:
Coal India Ltd (CIL) and Indian Port Rail & Ropeway Corporation Limited have executed a non-binding Memorandum of Understanding (MoU) on 5th June 2025 at Kolkata with an intent of development of Rail Infrastructure of CIL and its subsidiaries.
JSW Energy:
The Company has successfully commissioned 281 MW of organic renewable energy capacity with solar capacity of 215 MW and wind capacity of 66 MW, taking the current installed capacity to 12,499 MW. Further, JSW Renew Energy Three Limited, a step-down subsidiary has signed a Power Purchase Agreement for STU-connected 250 MW Wind capacity with Adani Electricity Mumbai Limited.
Bajaj Finserv:
According to media reports, Promoter Entities Bajaj Holdings & Jamnalal Sons are likely to sell up to 1.94 per cent stake in Bajaj Finserv via block deal. The total size of the block deal is Rs 5,828 crore. Of this the base size is Rs 4,750 crore and upsize option is at Rs 1,078 crore. The floor price for the same is kept at Rs 1,880 per share which is at discount of 3.3 per cent to last closing price.
Praj Industries:
Enersur S.A., one of Paraguay’s foremost renewable energy companies has selected Praj Industries for its next major project. Praj will support the development, assessment, and phased implementation of a fully integrated Biorefinery Project in Paraguay. The Biorefinery aims to produce, in addition to ethanol, co-products such as distillers dried grains with solubles (DDGS), corn oil, biogas, biobitumen and sustainable aviation fuel (SAF).
Zaggle Prepaid:
The Company has agreed to acquire 100 per cent shares capital and voting rights in Greenedge Enterprises from the existing shareholders subject to execution of definitive agreements and completion of certain identified conditions precedent. In this regard, the company has executed a non-binding term sheet on 5th June 2025. The Greenedge acquisition strengthens Zaggle’s product offerings in loyalty and rewards segment and travel segment giving a boost to our Propel offering.
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