Market Commentary (closing) for 8th June 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices witnessed a sharp sell-off on 8 June amid weakness in global markets, escalating geopolitical tensions, and a surge in crude oil prices, raising concerns over inflationary pressures and their potential impact on economic growth. At close, the Nifty 50 declined 243.70 points or 1.04% to settle at 23,123, while the Sensex fell 719.08 points or 0.97% to close at 73,524.26.
On the sectoral front, broad-based selling was witnessed across all major sectors. Nifty Realty emerged as the biggest loser, declining 3.00%, followed by Nifty Metal, which fell 2.76%. Significant weakness was also visible in IT, Auto, and Energy stocks as investors reduced risk exposure amid uncertain global conditions.
The broader market witnessed even stronger selling pressure than the benchmark indices. The Nifty Midcap 100 index declined 1.46% amid profit booking across several sectors, while the Nifty Small cap 100 index fell nearly 2%, reflecting widespread weakness in the broader market.
Nifty Outlook
Index in the daily chart formed an inverted hammer like candle with a small real body and a long upper shadow. Highlighting, pullback after a gap down opening, but index failed to sustain at higher levels and gave up most of its intraday pullback to close the session near the open.
Nifty after the recent corrective decline has approached the immediate support area of 23,000-23,200 being the confluence of the 08th April bullish gap area and the 61.8% retracement of the previous pullback (22,182-24,601). Index holding above the support area will lead to consolidation in the range of 23,000-23,550 in the coming sessions. A breach below 23,000 will signal extension of the current decline towards 22,800 and 22,600 levels in the coming sessions. Index has immediate resistance at Monday’s high of 23,267, a breach above the same will open upside towards the key resistance area of 23,500-23,550 levels.
Bank Nifty Outlook
Index started the session with a bearish gap and formed an inverted hammer candlestick pattern with a shadow on upper side on the daily chart, signalling consolidation and selling from upper side. Bank Nifty is likely to consolidate within the broader range of 52,500–56,000. A decisive breakout above or breakdown below this range will provide the next directional move. Within the consolidation range immediate support is placed at Monday’s low of 53,843, a breach below the same will open downside towards 53,000 levels in the coming sessions.
While key support is placed at 53,000–52,500 zone being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (49955-57456). Resistance is placed at 55,200-55,600 levels being the confluence of the 50 days EMA and the upper band of the last three weeks consolidation.
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