Investment Strategist Ganesh Dongre Suggests Three Stocks to Consider for Potential Gains on Monday, June 8, 2026

Indian Equity Benchmarks End Modestly Lower

The Indian equity benchmarks, the Sensex and Nifty 50, closed modestly lower on Friday, June 5, as investors turned cautious after the Reserve Bank of India lowered its growth forecast for FY27 while raising its inflation outlook. The Sensex slipped 116.67 points, or 0.16%, to close at 74,243.34, while the Nifty 50 declined 49.85 points, or 0.21%, to settle at 23,366.70.

Market Volatility and Sectoral Decline

The Sensex witnessed heightened volatility during the session, moving in a range of more than 700 points between its intraday high of 74,717.57 and low of 73,988.75. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that the Nifty 50 ended the week on a weak note, closing at 23,366 and registering a decline of 0.77%, while the Bank Nifty remained largely flat, ending at 54,496 with a marginal gain of 0.04%.

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According to Dongre, most major sectoral indices declined during the week, by 1% to 3%, reflecting broad-based profit booking and cautious investor sentiment.

Global Market Sentiment

On the global front, Dongre noted that market sentiment remains heavily influenced by geopolitical developments, particularly the ongoing negotiations between the United States and Iran. He said a constructive outcome from the talks could help improve risk appetite and stabilize equity markets, while any escalation in tensions could reignite volatility across global financial assets and weigh on investor confidence.

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Technical Outlook

Dongre added that the Nifty 50 witnessed repeated profit-taking at higher levels, which restricted upside momentum and caused the index to close below its weekly highs. The benchmark also failed to sustain above the crucial resistance zone of 23,800 during the week. According to Dongre, the immediate support is now placed in the 23,000-23,300 range, while the 23,800-24,000 band continues to act as a significant resistance area.

Weekly Outlook

Near-term volatility is expected to remain high, with India VIX rising toward 16 by the end of the week. Despite this, the broader weekly structure remains constructive, supported by a pattern of lower lows underlying buying interest. A sustained move above 23,800 would be crucial for confirming trend continuation and could pave the way toward 24,300, thereby strengthening bullish momentum.

Stock Recommendations

Based on the technical analysis, the following stocks are recommended for buy:

• SBI Life Insurance Company: ₹1,780-₹1,790 (Stop Loss at ₹1,745; Target at ₹1,845)
• Bharat Electronics Ltd (BEL): ₹405-₹410 (Stop Loss at ₹395; Target at ₹425)
• Bajaj Finance: ₹880-₹890 (Stop Loss at ₹860; Target at ₹930)