Market Outlook | Nifty Expiry 02 June Nifty 50 IndexNSE:NIFTYVirupandey81Market sentiment has remained firmly bearish for the last two trading sessions, and as of now, there are very few signs suggesting an immediate change in trend on today's Nifty expiry. Gift Nifty is trading below yesterday's closing level and is indicating a gap down opening of nearly 100 points. What makes this opening particularly important is that the projected opening zone coincides with a major daily and hourly support area. This support zone can be considered the last line of defence for the bulls. A strong reaction from buyers is possible here, but if the level fails to hold, selling pressure could intensify further. Key Levels for Today Resistance Zone 23,430 – 23,450 This area is likely to act as the first hurdle for any recovery attempt. Bulls need to reclaim and sustain above this zone to improve the short-term outlook. Support Zone 23,200 – 23,250 This is the most critical support area for today's session. The market's reaction here will likely determine whether buyers can stage a bounce or whether bears continue to dominate. Volatility Alert A sharp gap-down opening near a major support zone has the potential to trigger a rise in both India VIX and Implied Volatility (IV). As a result, traders should be prepared for highly volatile and unpredictable price swings during the opening phase of the market. Because of this, it may be wise to avoid rushing into trades immediately after the open. Allow the market at least 30 minutes to settle down and reveal its true direction before planning fresh positions. What to Watch Whether buyers defend the 23,200–23,250 support zone. Changes in the option chain during the first 30 minutes. Fresh Put writing or Put unwinding near support. Aggressive Call writing at higher levels. Movement in India VIX and option premiums after the opening gap. Final View The overall sentiment remains bearish, and the market is set to begin the day under pressure. However, the index is approaching a very important support zone where a meaningful reaction from buyers could emerge. The first 30 minutes and the option chain behaviour around 23,200–23,250 will be crucial in determining whether the bearish momentum continues or whether the market finds support and attempts a reversal. Patience will be more valuable than prediction today. Let the market show its hand before committing to a trade.