Stock Picker Highlights Five Equities to Purchase on June 8, 2026
Indian Stock Market Set for Weak Start Amid Global Uncertainty
The Indian benchmark indices, Sensex and Nifty 50, are likely to open on a weak note on Monday, tracking a sharp selloff in global markets amid escalating tensions in the Middle East and fading hopes of a near-term resolution to the broader US-Iran conflict.
Market Review and Outlook
The Nifty 50 gauge of the Indian stock market opened with a gap-up of 62.40 points at 23,478.95 on June 5, 2026, reflecting positive sentiment at the start of the session. However, the initial optimism failed to sustain as selling pressure gradually emerged, particularly during the second half of the session. The Nifty 50 index eventually settled at 23,366.70, ending the session with a decline of 49.85 points or 0.21% over the previous close.
Read also: Indian IT Stocks Decline Amid Global Tech Selloff
| Index | Open | High | Low | Close | Change |
|---|---|---|---|---|---|
| Nifty 50 | 23,478.95 | 23,516.35 | 23,282.65 | 23,366.70 | -49.85 (-0.21%) |
Technical Analysis
From a technical perspective, immediate support for the Nifty 50 is in the 23,200-23,250 range, while resistance is observed between 23,650 and 23,700. The Relative Strength Index (RSI) stands at 40.64, indicating weakening momentum and suggesting that the index continues to trade below the stronger bullish zone.
Bank Nifty Performance
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The Bank Nifty index opened with a gap-up of 97.35 points at 54,405.20 on June 5, 2026, indicating positive sentiment in the banking space at the opening bell. However, profit-taking emerged thereafter, resulting in selling pressure that dragged the index to its intraday low of 54,140.60 during the second half. The Bank Nifty eventually settled at 54,496.25, gaining 188.40 points or 0.35% for the session.
| Index | Open | High | Low | Close | Change |
|---|---|---|---|---|---|
| Bank Nifty | 54,405.20 | 54,865.50 | 54,140.60 | 54,496.25 | 188.40 (0.35%) |
Stock Recommendations
Sumeet Bagadia, Executive Director at Choice Broking, recommends five shares to buy on Monday, June 8:
- Greaves Cotton Ltd
- Buy: ₹192.2
- Stop Loss: ₹181
- Target: ₹205
- Reason: The stock has broken out of a rounding bottom pattern, indicating a potential trend reversal and the emergence of fresh bullish momentum.
- Saregama India Ltd
- Buy: ₹476
- Stop Loss: ₹454
- Target: ₹520
- Reason: The stock is moving in an uptrend, forming a higher high–higher low formation on the daily timeframe, indicating sustained buying interest and a strong bullish price structure.
- NRB Bearings Ltd
- Buy: ₹385
- Stop Loss: ₹370
- Target: ₹420
- Reason: The stock has witnessed the formation of a Morning Star candlestick pattern, indicating a potential bullish reversal and emergence of fresh buying interest.
- Apollo Pipes Ltd
- Buy: ₹498
- Stop Loss: ₹477
- Target: ₹540
- Reason: The stock has broken out from a short-term consolidation pattern, indicating the emergence of fresh buying momentum and the potential continuation of the prevailing uptrend.
- Adani Energy Solutions
- Buy: ₹1,579
- Stop Loss: ₹1,525
- Target: ₹1,700
- Reason: The stock has broken out of a short-term range consolidation pattern, indicating the emergence of fresh buying momentum and the potential continuation of the prevailing uptrend.
Investor Takeaway
Investors should be cautious and consider a risk-averse approach due to geopolitical uncertainty and concerns over higher interest rates.
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