Although there is global uncertainty, the benchmark indices are on the verge of recovery. FIIs are turning into net buyers amidst the weakening of the dollar index and volatile US bond yields, as strong economic indicators and corporate earnings growth are the reasons for investors to adopt a buy-on-dip strategy. The markets are waiting for the upcoming central bank decision on the 25 bps rate cut expected by both the ECB and RBI.
The Nifty opened on a positive note from the lows on Wednesday with intraday selling pressure between 24850-24900 levels and closed higher by 130 points amidst volatility. A bullish candle was formed with a long upper shadow, indicating an upside bounce with high volatility. An immediate support of 24600 level is placed as a sharp upside in the market is expected amidst the RBI’s MPC meeting outcome scheduled tomorrow around 10 am. A breach in resistance of 24900 could lead to another hurdle of 25200 in the near term.
In this overview, we will analyze the key technical levels and trend directions for Nifty, Bank Nifty, and BSE Sensex to monitor in the upcoming trading sessions. All Charts mentioned below are based on the 5-minute timeframe.
NIFTY 50 Chart & Price Action Analysis
- The Nifty 50 Index opened at 24,691, a gap up, and was trading above the previous day’s closing price of 24,620. It was trading above the 24,800 level in the morning session, breaking the 20-day EMA (24,725) in the 15-minute time frame and touching a day’s low at 24,613. In the afternoon session, the Nifty declined slightly and was trading at the 24,761 level, breaking the 20-day EMA (24,740).
- Nifty’s immediate resistance levels are R1 (24,792), R2 (24,895), and R3 (24,974), while immediate support levels are S1 (24,675), S2 (24,502), and S3 (24,397) in the 30-minute time frame. On Thursday’s session, Nifty 50 opened with a gap up, and GIFT NIFTY was in green. The markets continued to witness a range-bound trade today, with the Nifty closing above the 24,700 mark.
- The Nifty index made a day high at 24,900 and closed above yesterday’s resistance level by breaking the 24,675 level, closing at 24,750, up by +130.7 points or +0.53%. The Relative Strength Index (RSI) stood at 55.14 (well below the overbought zone of 70) in the daily time frame, and Nifty 50 was above all 20/50/100/200 EMAs.
Bank Nifty Chart & Price Action Analysis
- The Bank Nifty Index opened at 55,806 and was trading above the 55,825 level in the morning session, breaking the 20-day EMA (55,755) in the 15-minute time frame. It touched a day’s low at 55,580. In the afternoon session, Bank Nifty closed above and traded at the 55,809 level, breaking up the 20-day EMA (55,744).
- Bank Nifty immediate resistance levels are R1 (55,964) and R2 (56,161), while immediate support levels are S1 (55,582), S2 (55,413), and S3 (55,094) in the 30-minute time frame. On the Thursday session, Bank Nifty closed in green and formed an indecision pattern for two straight days with a doji candle in a daily time frame.
- The Bank Nifty index peaked at 56,010 and closed at 55,760, up by +84 points or +0.15%. The Relative Strength Index (RSI) stood at 60.47 (well below the overbought zone of 70) in the daily time frame, and Bank Nifty 50 was above all the 20/50/100/200 EMAs.
BSE Sensex Chart & Price Action Analysis
- The BSE Sensex Index opened at 81,196 and was trading above the 81,648 level in the morning session, breaking the 20-day EMA (81,343) in the 15-minute time frame. It touched a day’s low at 80,983. In the afternoon session, BSE Sensex closed above and traded at the 81,442 level, breaking the 20-day EMA (81,390).
- BSE Sensex immediate resistance levels are R1 (81,780), R2 (82,248), and R3 (82,715), while immediate support levels are S1 (81,230), S2 (80,878), and S3 (80,581). On the Thursday session, the BSE Sensex closed in green.
- The BSE Sensex index peaked at 81,911 and closed at 81,442, up by +443.7 points or +0.55%. The Relative Strength Index (RSI) stood at 54.84 (well below the overbought zone of 70) in the daily time frame, and BSE Sensex was above the 20/50/100/200 EMAs.
Market Recap June 5th, 2025
As the market expects another 25 basis point rate drop, the broad indexes opened higher ahead of the RBI MPC meeting on June 6. Over the day, the Nifty 50 gained 130.7 points, or 0.53%, opening above the 20-day EMA at 24,691.20, topping at 24,899.85, and ending at 24,750.90. The confidence was also reflected in the BSE Sensex, which opened at 81,196, surged to 81,911, and closed at 81,442.04, up 443.79 points, or 0.55%. With the Nifty 50 RSI at 55.14 and the BSE Sensex RSI at 54.84 (far below the overbought zone of 70), both indices moved above all four 20/50/100/200 EMAs.
The Nifty Realty index was the biggest gainer on the sectoral front, finishing at 993.1, up 17.1 points, or 1.75%. The biggest winners, rising up to 6%, were real estate equities, such as Sobha Ltd., Brigade Enterprises, Prestige Estates, DLF Ltd., and Godrej Properties Ltd. With gains of 272.5 points, or 1.28%, the Nifty Pharma index closed at 21,644.2, following the lead. Leading companies with increases of up to 5% were Lupin Ltd., Laurus Labs, Dr. Reddy’s, Glenmark Pharma, and Zydus Lifesciences.
The main laggard was the Nifty PSU Bank index, which closed at 7,059.65 after dropping 41.2 points, or 0.58%. The index fell as a result of losses of up to 2% at Bank of Baroda, Indian Overseas Bank, Bank of Maharashtra, Punjab & Sind Bank, and Canara Bank. Additionally, the Nifty Private Bank Index was down 26.55 points, or 0.10%, to close at 27,342.40.
With most of the indices finishing in the green, the Asian markets were likewise doing well globally. Korea’s Kospi index closed at 2,812.05. It increased 41.21 points, or 1.49%. This follows Wednesday’s swearing-in of its newly elected president. In addition, Japan’s Nikkei 225 fell 193 points, or 0.51%, to close at 37,554.49. In contrast, Hong Kong’s Hang Seng Index increased 252.94 points, or 1.07%, to close at 23,906.98. As the top US firms announce their quarterly profits and the big trade agreements between the US and China and Germany are expected to take place this week, the Dow Jones Futures on the US markets climbed 0.2%, or 80 points.
Trade Setup Summary
Nifty closed at 24,750, up 0.53%, forming a bullish close above yesterday’s resistance, and is trading above all major EMAs (20/50/100/200). RSI at 55.14 indicates room for further upside before overbought conditions. However, the index made a day high near 24,900 and faced resistance, with the session remaining range-bound
Bank Nifty closed at 55,760 (+0.15%), above all key EMAs, with RSI at 60.47. The index formed a doji (indecision) for the second day, signaling caution. The setup remains positive above 55,600–55,700, but momentum is lacking Sensex closed at 81,442 (+0.55%), above all major EMAs, with RSI at 54.84. The index is in a positive setup, holding above the 20-day EMA and showing strength
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
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