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Below the Quote on Closing Market Summary Monday Jun 01th from Sachin Gupta , at Choice Equity Broking Private Limited

Indian equity benchmark Nifty index witnessed a negative close on 1^st June 2026. The index opened with a gap-up of 106.75 points at 23,654.50, indicating positive sentiment at the start of the session. However, the optimism faded quickly as the index registered its intraday high of 23,733.70 within the first few minutes of trade. Thereafter, persistent selling pressure dominated the market throughout the day, dragging the index steadily lower. The selling intensified towards the latter half of the session, with Nifty registering its intraday low of 23,357.95 near the close and eventually settling at 23,382.60. The index ended the session with a decline of 165.15 points or 0.70%. On the daily timeframe, the index formed a strong bearish candlestick pattern as sellers remained in control throughout the session. The inability to sustain the gap-up opening and the close near the day's low indicate significant weakness in market sentiment. Notably, 40 out of the 50 constituents of the Nifty 50 index closed in negative territory, highlighting broad-based selling pressure across sectors.

From a technical perspective, immediate support is placed in the 23,150–23,200 zone, while resistance is observed in the 23,480–23,550 range. The Relative Strength Index (RSI) stands at 40.27, indicating weakening momentum and suggesting that the index is approaching the lower end of the neutral zone. The volatility index, India VIX, rose by 2.21% to close at 16.54, indicating an increase in market volatility and a cautious approach among market participants. In the derivatives segment, notable call writing was observed at the 23,500 and 23,600 strikes, while put writing was concentrated at the 23,400 and 23,200 levels, indicating immediate resistance near higher levels while support remains positioned around lower strikes.

Sectorally, the market witnessed widespread weakness with most sectors ending in the red. Significant pressure was visible in FMCG, Financial Services, PSU Banks, Realty, Auto, Cement, Healthcare, and Private Banking stocks. However, selective strength was seen in the IT, Media, Metal, and select technology-related segments. Market breadth remained distinctly negative, with declining stocks substantially outnumbering advancing stocks, reflecting broad-based weakness across the broader market.

The Bank index opened with a gap-up of 164.65 points at 54,403.85, reflecting a positive start for the banking space. However, similar to the broader market, Bank Nifty registered its intraday high of 54,582.75 within the first few minutes of trading and thereafter witnessed relentless selling pressure throughout the session. The index gradually drifted lower and eventually registered its intraday low of 53,470.00 near the end of the trading day. Bank Nifty finally settled at 53,643.10, ending the session with a decline of 596.10 points or 1.10%. On the daily timeframe, Bank Nifty formed a strong bearish candlestick pattern, indicating aggressive profit booking and weakness across banking counters. The fact that all 14 constituents of the Bank Nifty index closed in negative territory highlights the broad-based selling witnessed in the banking segment and reflects significant pressure across both private and public sector banking stocks.

From a technical perspective, immediate support is placed in the 53,000–53,100 zone, while resistance is observed in the 54,100–54,300 range. The Relative Strength Index (RSI) stands at 43.02, indicating weakening momentum and suggesting that the banking index remains under pressure in the near term.

Benchmark indices witnessed a sharply negative session despite opening with gap-up gains. Both Nifty and Bank Nifty failed to sustain higher levels and came under heavy selling pressure throughout the day, eventually closing near their respective intraday lows. The broad-based nature of the decline was evident from weak market breadth, with declines significantly outnumbering advances and all Bank Nifty constituents ending in negative territory. Rising volatility, persistent selling across key sectors, and failure to hold opening gains indicate that market sentiment has turned cautious in the short term. Going forward, the immediate support zones will be crucial for the indices, while sustained movement above resistance levels will be required to revive bullish momentum and improve overall market sentiment.

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