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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

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Published on 08-06-2026 10:29 am

Our constructive bias on the index is based on following observations:

• Despite ongoing volatility Bank Nifty defended May lows and now showing early signs of structural revival

• Exempting Foreign Portfolio Investors (FPIs) from taxes on Indian Government Securities (G-Secs) indirectly benefits the equity market by stabilizing the rupee and lowering domestic borrowing costs. It is also positive for PSU banks due to fall in bond yields as they are generally big holders of Government securities.

• Broader market continues to outperform the large caps as evident by rising ratio line of Nifty 500 vs Nifty 100

• Seasonality favours buoyancy in the broader market. Over the past one decade, June has been positive month for Nifty Midcap and Smallcap on 70% of the time that garnered average gain of 2.5% and 3.5%, respectively

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Published on 08-06-2026 10:29 am

Technical Outlook

Week that was..

Equity Benchmark extended losses over second consecutive week primarily driven by lack of clarity on geopolitical development. Nifty settled at 23367, down 0.75%. Midcap seen profit booking after two weeks up move while small cap remained flat. Sectorally, financials remained at forefront while FMCG, realty continued with its underperformance. Technical Outlook:

• In the absence of any decisive breakthrough on geopolitical front, the index extended its broad range consolidation 24000-23100 over fourth consecutive week wherein stock specific activity continued tracking better than expected earnings season. As a result, weekly price action formed a bear candle carrying lower high-low structure, indicating extended breather.

• Index is likely to open gap-down on back of weak global cues and rise in brent crude prices. We expect index to prolong the consolidation in the 24000-23100 zone. However, it is important to highlight that, with past eight sessions corrective move Index has approached lower band of consolidation placed at 23100 and now undergoing a base formation. Hence, a decisive close above previous session high of 23500 would be required to trigger a reversal toward 24,000 in coming weeks. Failure to do so would result into extended correction wherein strong support is placed at 22700 being 80% retracement level of April up move

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Published on 08-06-2026 10:27 am

BANK NIFTY

* The Banking Index rose for a fourth consecutive session and a positive weekly close, crossed and settled above its 20-DEMA, though upside momentum remains capped by the 50-DEMA.

* After opening in line with previous session’s range-bound move, the index showed volatility and closed higher.

* Momentum remained mixed, where Yes Bank and Canara Bank outperformed, while Bank of Baroda and Kotak Mahindra Bank lagged.

* Immediate resistance stands at 55,550, with support near 53,000.

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Published on 08-06-2026 10:26 am

NIFTY

* Nifty witnessed a volatile session on Friday, with benchmark indices trading under pressure amid cautious global cues and reactions to the policy aftermath.

* After a flat start, the Nifty oscillated sharply in a narrow range on both sides before eventually settling at 23,366.70, down 0.21%.

* In this backdrop, we maintain a cautious stance and prefer a sell-on-rise approach until the Nifty decisively reclaims the 23,700 level.

* At the same time, traders should focus on stock-specific opportunities across sectors and maintain balanced positions with disciplined overnight risk management.

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