Investor Strategist Sumeet Bagadia Identifies Five Stocks for Potential Gains on June 3, 2026

Indian Stock Market Rebounds from Four-Session Losing Streak

On Tuesday, June 2, 2026, India's benchmark equity indices, the Sensex and Nifty 50, ended their four-session losing streak, supported by gains in heavyweight IT stocks and value buying by investors. The BSE Sensex rebounded 383 points, or 0.52%, to close at 74,650, while the NSE Nifty 50 advanced 101 points, or 0.43%, to settle at 23,484.

Nifty 50 Rebounds from Weak Sentiment

On June 2, 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. However, buying interest emerged immediately after the gap-down opening, and the index recovered steadily throughout the session. 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.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

According to Sumeet Bagadia, Executive Director at Choice Broking, 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.

Technical Analysis of Nifty 50

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.

Bank Nifty Recovers from Weak Opening

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

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. 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.

According to Bagadia, 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.

Technical Analysis of Bank Nifty

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.

Stock Recommendations

Sumeet Bagadia recommends five shares to buy on Wednesday, June 3:

These stocks have shown strong bullish momentum and are expected to continue their upward trend in the near term.