Nifty 50, Sensex Forecast: Market Trends for June 8

Indian Stock Market Braces for Sharply Lower Opening on Monday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to see a sharply lower opening on Monday, following weakness in global markets due to renewed Middle East conflict and the wider US-Iran war. The trend on Gift Nifty indicates a gap-down start for the Indian benchmark index, with the Gift Nifty trading around 23,118 level, a discount of nearly 334 points from the Nifty futures' previous close.

Friday's Market Performance

On Friday, the Indian stock market ended lower after the Reserve Bank of India's (RBI) monetary policy, with the benchmark Nifty 50 slipping below 23,400 level. The Sensex fell 116.67 points, or 0.16%, to close at 74,243.34, while the Nifty 50 settled 49.85 points, or 0.21%, lower at 23,366.70.

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Sensex Prediction

Sensex declined 0.71% last week, forming a bearish candle on weekly charts, and is still trading below short-term averages, which is largely negative. According to Amol Athawale, VP Technical Research at Kotak Securities, a crucial support zone for traders is 73,500, and as long as Sensex trades above this level, a pullback formation is likely to continue. On the higher side, the index could bounce back to the 20 and 50-day SMA around 75,000. Further upside potential may also push Sensex toward 75,500 - 75,800.

Nifty 50 Prediction

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Nifty 50 ended the week 0.77% lower, extending its losing streak for the second consecutive week, forming a bearish candle on both the daily and weekly charts. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, a decisive breakout of 23,500 could open further upside towards the next hurdle of 23,800 - 23,900 levels by next week. Immediate support is placed at 23,200 levels.

Bank Nifty Prediction

Bank Nifty index ended 188.40 points, or 0.35%, higher at 54,496.25 on Friday, forming a green candle on the daily chart. According to Sudeep Shah, Head - Technical Research and Derivatives Research at SBI Securities, the 50-day EMA zone of 55,000 – 55,100 is expected to act as an immediate resistance area, and a sustained move above 55,100 could pave the way for a sharp upside rally towards 55,800, followed by 56,500 in the short term.

The market sentiment remains cautious, with every rebound attracting fresh selling pressure. The underlying trend of Nifty 50 remains choppy with positive bias, and a decisive breakout of 23,500 could open further upside towards the next hurdle of 23,800 - 23,900 levels by next week.