Buy or sell stocks: India’s benchmark equity indices, the Sensex and Nifty 50, ended their four-session losing streak on Tuesday, June 2, supported by gains in heavyweight IT stocks and value buying by investors.
Following a nearly 3% decline over the previous four trading sessions, driven by escalating Middle East tensions and sustained foreign investor outflows, the BSE Sensex rebounded 383 points, or 0.52%, to close at 74,650. Meanwhile, the NSE Nifty 50 advanced 101 points, or 0.43%, to settle at 23,484.
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Nifty 50
On 2nd June 2026, the Nifty 50 opened with a sharp gap-down of 153.45 points at 23,229.15, reflecting weak sentiment at the start of the session. The opening level also marked the intraday low of the day as buying interest emerged immediately after the gap-down opening. Thereafter, the index recovered steadily throughout the session, with the buying momentum strengthening further during the second half. The recovery helped Nifty climb to an intraday high of 23,556.95 before eventually settling at 23,483.55, registering a gain of 100.95 points or 0.43% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a strong bullish candlestick pattern after opening at the day’s low and closing near the day’s high indicates sustained buying interest from lower levels and suggests that bulls attempted to regain control after the sharp decline witnessed in the previous session.
“From a technical perspective, immediate support is placed in the 23,200–23,250 range, while resistance is observed between 23,700 and 23,750 levels. The Relative Strength Index (RSI) stands at 42.95, indicating a modest improvement in momentum though the index continues to trade below the stronger bullish zone. In the derivatives segment, notable call writing was seen at the 23,500 strike, followed by 23,700, while significant put writing was observed at 23,500 and 23,300 levels, indicating a broad trading range with immediate support positioned near lower levels,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a gap-down of 378 points at 53,265.10, indicating weakness in the banking space at the start of the session. Selling pressure persisted during the early part of the day, dragging the index to its intraday low of 53,121.85 during the first half. However, strong buying interest emerged thereafter, helping the index recover steadily throughout the session. The recovery accelerated during the second half, pushing Bank Nifty to an intraday high of 53,933.55 before eventually settling at 53,714.65, registering a gain of 71.55 points or 0.13% over the previous close.
Bagadia noted that on the daily timeframe, the formation of a bullish candlestick pattern after recovering sharply from lower levels and closing near the day’s high reflects improving sentiment and buying support emerging around lower levels in the banking space.
“From a technical standpoint, immediate support is placed in the 53,000–53,150 range, while resistance is seen in the 54,000–54,300 zone. The Relative Strength Index (RSI) stands at 43.62, indicating improving momentum though it remains below the stronger bullish threshold. Sustaining above immediate support levels will remain important for continuation of the ongoing recovery momentum,” he said.
He further highlighted that the recent price action suggests a strong recovery session after both benchmark indices opened sharply lower with significant gap-downs. Buying interest from lower levels helped Nifty and Bank Nifty recover throughout the day and eventually close near their respective highs.
“Strength in the IT sector, along with positive market breadth, supported the broader market recovery. The decline in India VIX suggests that market volatility has eased, which may support improved investor confidence and a more stable trading environment. Sustained movement above immediate resistance zones will be crucial for confirming stronger recovery momentum and improving overall market sentiment in the near term,” he added.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Wednesday, 3 June: Arvind, Hindustan Oil Exploration Company, Titagarh Rail Systems, Avalon Technologies, and Olectra Greentech.
1] Arvind: Buy at ₹500, Target ₹540, Stop Loss ₹478
Arvind share price is currently trading near its all-time high zone around 500, reflecting exceptional price strength and sustained bullish momentum. The stock has been consistently forming a higher-high and higher-low structure on the daily timeframe, which is a classic sign of a strong uptrend.
Technically, it is trading well above all its key moving averages, with the key EMAs aligned positively, indicating a healthy trend across multiple timeframes. The recent breakout has been supported by strong price action and steady volumes, reinforcing the bullish outlook. As long as the stock holds above the 478 support zone, the trend remains intact. Any minor correction should be viewed as a buying opportunity. A sustained move above current levels can push the stock towards 540 in the near term.
2] Hindustan Oil Exploration Company: Buy at ₹171.8, Target ₹185, Stop Loss ₹164
Hindustan Oil Exploration share price has witnessed a strong session, gaining nearly 4% and displaying renewed buying interest after a period of consolidation. The stock is currently trading above all its major moving averages, which highlights strengthening market sentiment. One of the key technical developments is the 50-day EMA moving above the 200-day EMA, a bullish crossover that often signals the beginning of a medium-term uptrend.
Price action has also remained firm above the 20-day and 100-day EMAs, indicating broad-based strength across timeframes. RSI is comfortably above the 50 mark, suggesting positive momentum without entering extreme overbought territory. As long as the stock sustains above 164, the bullish structure remains valid. Continued strength could drive the stock towards the 185 zone in the coming sessions.
3] Titagarh Rail Systems: Buy at ₹834, Target ₹900, Stop Loss ₹792
Titagarh Rail Systems has delivered a technically significant breakout by closing decisively above its 200-day EMA, a level that often acts as a long-term trend indicator. This move signals a possible shift in trend and suggests that buyers are gradually regaining control. The stock is also trading above its 20-day, 50-day and 100-day EMAs, reflecting improving momentum across multiple timeframes.
RSI is hovering around the 60 mark, indicating healthy buying strength while still leaving room for further upside. Recent price action suggests accumulation at lower levels followed by a strong recovery, which adds confidence to the bullish setup. If the stock sustains above the breakout zone, fresh buying interest may emerge. A move towards the 900 level appears achievable, while 792 should be maintained as the key stop-loss level.
4] Avalon Technologies: Buy at ₹1512, Target ₹1630, Stop Loss ₹1436
Avalon Technologies share price continues to exhibit strong bullish momentum after witnessing a sustained recovery from lower levels. The stock is currently trading very close to its all-time high zone, reflecting robust investor confidence and continued demand at higher levels. Technically, the stock remains comfortably above all key moving averages, with the 20-day EMA providing immediate support and acting as a strong trend guide.
The alignment of the 20, 50, 100 and 200-day EMAs further confirms the strength of the prevailing uptrend. Recent price action indicates a steady climb supported by healthy participation, rather than a sharp speculative move, which is generally considered more sustainable. As long as the stock remains above 1436, the bullish structure remains intact. A breakout into fresh highs could potentially drive the stock towards the 1630 target zone.
5] Olectra Greentech: Buy at ₹1285, Target ₹1390, Stop Loss ₹1220
Olectra Greentech share price has been consolidating for the past week around its key moving averages, allowing the stock to absorb previous gains and build a stronger base. In the latest trading session, the stock has delivered a decisive close above all major EMA levels, signalling a potential resumption of its upward trend. The breakout from this consolidation range is an encouraging technical development and indicates renewed buying momentum.
RSI has moved higher and is currently around 59, suggesting strengthening momentum while still remaining below overbought territory. Volume activity has also improved around the breakout area, adding credibility to the move. As long as the stock holds above the 1220 support zone, the bullish outlook remains favorable. Sustained buying interest could help the stock advance towards the 1390 target in the coming weeks.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
