Buy or sell stocks: 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.
Gift Nifty was trading around 23,096 level, a discount of nearly 356 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Asian equities traded lower in early deals, while Wall Street witnessed a steep decline on Friday, with the Nasdaq recording its biggest single-day percentage drop since April 2025, as investors turned risk-averse amid geopolitical uncertainty and concerns over higher interest rates.
Back home, domestic markets ended lower in a volatile session on Friday after the Reserve Bank of India (RBI) raised its inflation forecast for FY27 and lowered its economic growth projections, while keeping the repo rate unchanged at 5.25%.
The BSE Sensex fell 116.67 points, or 0.16%, to close at 74,243.34, while the NSE Nifty 50 declined 49.85 points, or 0.21%, to settle at 23,366.70, as investors booked profits following the central bank’s policy announcement and remained cautious amid persistent global uncertainties.
Market Review and Outlook – Sumeet Bagadia, Executive Director at Choice Broking
Nifty 50 Outlook
On 5 June 2026, the Nifty 50 opened with a gap-up of 62.40 points at 23,478.95, reflecting positive sentiment at the start of the session. The index registered its intraday high of 23,516.35 within the first few minutes of trade. However, the initial optimism failed to sustain as selling pressure gradually emerged, particularly during the second half of the session. The weakness intensified towards the latter part of the day, dragging the index to an intraday low of 23,282.65.
Nifty 50 eventually settled at 23,366.70, ending the session with a decline of 49.85 points or 0.21% over the previous close. On the daily timeframe, the formation of a bearish candlestick pattern indicates selling pressure emerging at higher levels and reflects cautious sentiment among market participants after the recent recovery attempt.
From a technical perspective, immediate support 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. The volatility index, India VIX, declined by 0.61% to close at 15.78, indicating slightly easing volatility and stable market sentiment. In the derivatives segment, notable call writing was seen at the 23,500 strike, followed by 23,600, while significant put writing was observed at 23,300 and 23,400 levels, indicating immediate support near lower levels while resistance remains positioned around higher strikes.
Bank Nifty
The Bank Nifty index opened with a gap-up of 97.35 points at 54,405.20, indicating positive sentiment in the banking space at the opening bell. The index saw strength in the first half and reached an intraday high of 54,865.50. 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.
Buying interest reappeared near lower levels, helping the index recover a large part of its losses and eventually settle at 54,496.25, gaining 188.40 points or 0.35% for the session. On the daily timeframe, a Spinning Top candlestick pattern signals indecision in the banking index, suggesting a balance between buyers and sellers following recent volatility.
From a technical standpoint, immediate support is placed in the 54,000–54,100 range, while resistance is seen in the 54,900–55,000 zone. The Relative Strength Index (RSI) stands at 50.15, indicating neutral-to-positive momentum and suggesting improving strength in the banking segment. Sustaining above immediate support levels will remain important for the recovery trend to continue.
The recent price action suggests a mixed trading session with benchmark indices displaying divergent performance. While Nifty 50 witnessed selling pressure after an initial gap-up opening, Bank Nifty managed to outperform and close in positive territory after recovering from intraday weakness. Sectorally, strong buying interest was visible in Media, Realty, PSU Banks and Healthcare stocks, whereas weakness persisted in Metal, IT, Cement and Oil & Gas sectors. Market breadth remained slightly negative, with 1,623 advances, 1,694 declines, and 94 unchanged stocks, indicating stock-specific action across the broader market. Traders are advised to closely monitor immediate support and resistance zones, as sustained movement beyond these levels will be crucial in determining the next directional trend.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Monday, 8 June: Greaves Cotton Ltd, Saregama India Ltd, NRB Bearings Ltd, Apollo Pipes Ltd, and Adani Energy Solutions.
Buy Greaves Cotton in cash at ₹192.2; SL at ₹181; TGT at ₹205
Greaves Cotton Limited has broken out of a rounding bottom pattern on the daily timeframe, indicating a potential trend reversal and the emergence of fresh bullish momentum in the stock. The breakout reflects an improving price structure and suggests the possibility of a sustained upward move in the near term. In addition to this breakout, the stock has also seen a spike in daily volume, indicating strong participation and validating the breakout’s strength. The increase in volume adds conviction to the bullish setup and highlights growing buying interest at current levels. Given the current technical setup, traders may initiate long positions at CMP with a potential upside target of ₹205, while maintaining a strict stop loss at ₹181 to support disciplined risk management.
Buy Saregama India in cash at ₹476; SL at ₹454; TGT at ₹520
Saregama India Limited 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. The stock continues to advance, reflecting positive market sentiment and strength in the prevailing trend. In addition, the stock is trading above its crucial DEMA levels and has recently witnessed crossovers of the 20 DEMA above the 200 DEMA and the 50 DEMA above the 100 DEMA, indicating strengthening bullish momentum and an improvement in the overall trend structure. These moving-average crossovers reinforce the positive outlook and suggest further upside in the coming sessions. The stock continues to exhibit a constructive technical setup, with traders considering initiating long positions at CMP, targeting upside of ₹520, while maintaining a stop loss at ₹454 to ensure disciplined risk management.
Buy NRB Bearings in cash at ₹385; SL at ₹370; TGT at ₹420
NRB Bearing Limited has witnessed the formation of a Morning Star candlestick pattern on the daily timeframe, indicating a potential bullish reversal and emergence of fresh buying interest after a corrective phase. The formation of this pattern suggests that selling pressure is gradually subsiding and buyers are regaining control of the price action. In addition, the stock found support near its 20 DEMA level while forming the candlestick pattern, indicating strong demand at lower levels and reinforcing the significance of this moving average as a key support zone. The technical setup remains favourable for a bullish stance, with traders considering initiating long positions at CMP, targeting ₹420, while maintaining a stop loss at ₹370 to manage downside risk.
Buy Apollo Pipes in cash at ₹498; SL at ₹477; TGT at ₹540
Apollo Pipes has broken out from a short-term consolidation pattern on the daily timeframe, indicating the emergence of fresh buying momentum and the potential continuation of the prevailing uptrend. The breakout reflects improving price strength and suggests that the stock may witness further upside as it moves out of its consolidation phase. In addition, the momentum indicator RSI is trading at 53.78, above the midpoint of 50, indicating positive momentum and a gradual strengthening of bullish sentiment in the stock. The RSI positioning supports the constructive price action and reinforces the possibility of further upside movement. The prevailing technical structure presents a favourable risk-reward opportunity, where traders may consider initiating long positions at CMP, targeting a potential upside move towards ₹540, while maintaining a stop loss at ₹477 to safeguard against downside risk.
Buy Adani Energy Solutions in cash at ₹1,579; SL at ₹1,525; TGT at ₹1,700
Adani Energy Solutions has broken out of a short-term range consolidation pattern on the daily timeframe, indicating the emergence of fresh buying momentum and the potential continuation of the prevailing uptrend. The breakout reflects strength in price action and suggests increasing participation from market participants as the stock moves into a higher trading range. In addition, the stock is trading above all its crucial DEMA levels, including the 20, 50, 100, and 200 DEMA, indicating strong trend alignment and a sustained bullish undertone across multiple timeframes. The positioning above these key moving averages reinforces the positive technical structure and highlights the presence of strong demand at lower levels. The stock’s technical setup remains encouraging, and traders may consider initiating long positions at CMP, with a potential upside target of ₹1,700, while maintaining a stop loss at ₹1,525 to ensure disciplined risk management and capital protection.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
