IGI Logo

Published on 08-06-2026 10:47 am

Market Outlook

The benchmark indices maintained a cautious undertone for the second consecutive week, extending the ongoing consolidation phase. From a technical perspective, the 23,600-23,700 zones remains a critical resistance area for the Nifty, while the gap support near 23,150 is expected to provide immediate downside protection. On the derivatives front, fresh call writing was observed at the 23,500 and 23,700 strikes, highlighting a significant overhead hurdle for the index. On the downside, the 23,000 strike continues to hold the highest Put OI, indicating a firm support base and may cushion the decline. Overall, the market bias remains cautiously optimistic, with consolidation likely to continue in the near term.

Click Here :- https://tinyurl.com/yv44vjds

Please refer disclaimer at https://www.religareonline.com/disclaimer SEBI Registration number is INZ000174330

Published on 08-06-2026 10:31 am

Intraday Rational:

• Trend- Higher high-low structure for three consecutive session, indicating positive bias

• Levels- Buy around 80% retracement of 3 days upmove

Click Here :- https://tinyurl.com/42xtj33w

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

Published on 08-06-2026 10:31 am

Technical Outlook:

• Post gap-down opening Index defended lower band of consolidation and recovered on expected lines ahead of RBI policy .The weekly price action resulted into long legged doji like candle indicating buying demand from lower levels.

• Index is likely to witness gap down opening tracking weak global cues amid escalated geopolitical tension. BankNifty has relatively outperformed the benchmark and has approached the falling trendline joining highs of 21st April(57456) and 26th May(55536) coinciding with 50-day EMA around 55000 levels. Therefore, breakout from this level would open door towards 56,300 coinciding with previous swing high aligning with 200-day EMA and 80% retracement of recent decline (57456-52783)

• Structurally, index is witnessing slower pace of retracement as over past 6 weeks it retraced 61.8% of 3-weeks rally. Indicating healthy consolidation that would set the stage for next leg of rally.

• Nifty PSU Bank relatively outperformed forming Hammer like candle base formation above 52-week EMA. Follow through strength above last week high will lead to pullback towards 8600 levels being 61.8% retracement of current decline(9095-7800)

Click Here :- https://tinyurl.com/42xtj33w

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

Published on 08-06-2026 10:30 am

Nifty Bank : 54496

Technical Outlook

Week that was:

Bank Nifty Index closed the week on positive note at 0.47% at 54496. Nifty PSU Bank relatively outperformed for the week gaining 1.26%.

Click Here :- https://tinyurl.com/42xtj33w

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

Published on 08-06-2026 10:30 am

Key Monitorable:

a) Inflation: Upcoming US and India inflation data.

b) FII Inflows: Nasdaq, Kospi, Taiwan indices are witnessing negative divergence on the daily chart, indicating exhausted rally. The extended profit booking in these AI led indices may help to shift the FII’s interest from AI trade to growth oriented emerging markets like India

c) The pair of USD/INR has seen good correction after RBI’s move of exempting FPI from tax on any interest and capital gains on investment in Indian Government Securities. Further decline would help equities to revive momentum

d) Crude Oil: Any geopolitical de-escalation will cool oil prices, boosting Indian equities market

Click Here :- https://tinyurl.com/42xtj33w

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631