Sunil Shankar Matkar

The benchmark indices recovered sharply, with the Nifty 50 closing with a moderate loss of 0.4 percent on June 3.

The Nifty 50 is likely to remain in the 23,100–23,700 range, which needs to be decisively broken on either side for trend confirmation.

If the Nifty 50 holds the crucial support level of 23,150 going forward, the possibility of an upward move toward the 23,700–23,900 range cannot be ruled out. However, a decisive fall below this level could drag the index below 23,000. The immediate support is seen at the 23,300 level, according to experts.

The market may attempt to reclaim its short-term moving averages, but the sustainability of the uptrend will be key to watch. Below are some short-term trading ideas to consider.

Tensions have eased over the past few weeks and market conditions have stabilised, but the geopolitical backdrop remains fragile. For India, the key variable is whether the Strait of Hormuz remains open for energy supplies, said Venkatesh Balasubramaniam.

According to experts, the Nifty 50 is likely to remain range-bound until it convincingly surpasses and sustains above 23,700 on the higher side (20-day EMA), while the immediate support is seen at the 23,300 and resistane at 23,500.

Moneycontrol collated a list of top 8 stock ideas for buying after the RBI MPC meeting outcome.

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According to experts, the Nifty 50 is expected to consolidate within the 23,200–23,500 range in the near term. A decisive breakdown below this range could drag the index below the 23,000 mark. However, a convincing move above the range could open the door for 23,700–23,800, followed by 24,000, which is expected to act as a crucial resistance level.

Biggest positive take away from the policy was on the number of measures announced to encourage foreign flows and support the currency, said Rupesh Patel.