08/06/26,PostMarket REPORT

 Benchmark index Nifty50 slipped out of its four-session consolidation on June 8, declining 243 points to close at 23,123. After opening with a sharp gap-down of 286 points on the back of weak global cues, the index staged a strong early recovery of nearly 200 points from the day's low. However, momentum faded in the second half amid renewed Middle East tensions, with Nifty giving up most of its intraday gains to close at two-month low.

Analysts suggested trading levels for the benchmark index and said the bias is bearish.

"Technically, Nifty closed near the 61.8% retracement level (23,106) of the entire 2,200-point rally recorded in April 2026. The index continues to trade below all major moving averages, indicating a bearish bias across timeframes. Immediate resistance is placed at 23,300, while a break below 23,070 could intensify downside pressure toward the next support zone of 22,700–22,800," said Nandish Shah - Deputy Vice President, HDFC Securities.

Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but the realty and metal indices lost the most, shedding over 2.75%.

"We are of the view that, as long as the market is trading below 23,250/73800, weak sentiment is likely to continue. On the downside, 22,950/73000 would be the immediate support zone. Further downside may also continue, which could drag the market to 22,800/72,500. On the flip side, above 23,250/73800, the pullback move could extend to 23,350–23,400/74,000-74,300. The intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

The index is trading below its critical moving averages, indicating a weak underlying trend, said analysts.

"The broader market structure remains weak, with the MACD maintaining a bearish crossover and the RSI trending lower. The index is also trading below its short- and long-term moving averages, indicating a negative bias. On the volatility front, India VIX surged 8% to close around 17. A sustained move above the 18 mark could further elevate market uncertainty and keep volatility high in the coming sessions," said Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.

"A move above and sustained trading beyond 23,125 could trigger a meaningful recovery towards the 23,250–23,300 zone. On the downside, a breach below 23,070 may invalidate the pattern and drag Nifty below the 23,000 mark," said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty slipped out of its four-session consolidation on June 8, declining 243 points to close at 23,123. After opening with a sharp gap-down of 286 points on the back of weak global cues, the index staged a strong early recovery of nearly 200 points from the day's low. However, momentum faded in the second half amid renewed Middle East tensions, with Nifty giving up most of its intraday gains to close at two-month low.

Analysts suggested trading levels for the benchmark index and said the bias is bearish.

"Technically, Nifty closed near the 61.8% retracement level (23,106) of the entire 2,200-point rally recorded in April 2026. The index continues to trade below all major moving averages, indicating a bearish bias across timeframes. Immediate resistance is placed at 23,300, while a break below 23,070 could intensify downside pressure toward the next support zone of 22,700–22,800," said Nandish Shah - Deputy Vice President, HDFC Securities.

Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but the realty and metal indices lost the most, shedding over 2.75%.

"We are of the view that, as long as the market is trading below 23,250/73800, weak sentiment is likely to continue. On the downside, 22,950/73000 would be the immediate support zone. Further downside may also continue, which could drag the market to 22,800/72,500. On the flip side, above 23,250/73800, the pullback move could extend to 23,350–23,400/74,000-74,300. The intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

The index is trading below its critical moving averages, indicating a weak underlying trend, said analysts.

"The broader market structure remains weak, with the MACD maintaining a bearish crossover and the RSI trending lower. The index is also trading below its short- and long-term moving averages, indicating a negative bias. On the volatility front, India VIX surged 8% to close around 17. A sustained move above the 18 mark could further elevate market uncertainty and keep volatility high in the coming sessions," said Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.

"A move above and sustained trading beyond 23,125 could trigger a meaningful recovery towards the 23,250–23,300 zone. On the downside, a breach below 23,070 may invalidate the pattern and drag Nifty below the 23,000 mark," said Rupak De, Senior Technical Analyst at LKP Securities.

"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," said Bajaj Broking Research.

Report by J. jagannath 

Source:Moneycontrol, Network18