Nifty Prediction for Monday, June 8 by experts: Indian equity markets ended lower on Friday as investors digested the Reserve Bank of India’s latest Monetary Policy Committee (MPC) decision, a downward revision in growth forecasts and persistent global economic uncertainties. With the benchmark NSE Nifty50 extending its consolidation phase, market participants are now closely watching whether the index can break above key resistance levels when trading resumes on Monday, June 8.
Nifty at close on Friday, June 5
Created with AI. Errors are possibleNifty Prediction for Monday, June 8 by experts
Market experts point out that the index has entered a brief holding pattern at its lower boundaries and Monday’s trading session will serve as a crucial test of whether domestic buyers can successfully defend psychological floors, or if lingering disappointment over the RBI’s tempered growth outlook will trigger a deeper correction.
Nifty Prediction for Monday, June 8 by Nandish Shah
According to Nandish Shah, Deputy Vice President at HDFC Securities, the benchmark index has entered a consolidation phase after recent weakness. “It was a muted session for Indian markets as the Nifty closed at 23,366, down 49 points. After opening 62 points higher, index failed to hold gains and experienced profit-taking through most of the session. For the week, the Nifty fell 0.77%,” Shah stated.
For last four trading sessions, Shah said Nifty has been consolidating in the narrow closing range of 150 points, which indicates consolidation happening at the lower range. “The index remains below key moving averages, keeping positional bias bearish. Near term support lies in the 23,100–23,150 band, while immediate resistance is placed at 23,557, followed by 23,800,” he concluded.
Nifty Prediction for Monday, June 8 by Nagaraj Shetti
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes the Nifty’s underlying trend remains positive despite Friday’s weakness. “After showing a sustainable recovery from the supports on Thursday, Nifty consolidated within range bound action on Friday and closed the day lower by 49 points. After opening on a positive note, the market was not able to sustain the hurdle of 23500 levels and shifted into a range bound action for better part of the session,” Shetti said.
The analyst further said a small negative candle was formed on the daily chart with minor lower shadow. “Though, Nifty placed above the supports, it has failed to gain momentum on the upside for the breakout. The status-quo announcement by RBI in its bi-monthly policy meet has failed to lift the positive sentiment in the market,” Shetti stated.
Technical analysts further noted that the 23,450-23,550 zone remains a critical resistance band for the benchmark index.
“The underlying trend of Nifty remains choppy with positive bias. A decisive breakout of 23500 could open further upside towards the next hurdle of 23800-23900 levels by next week. Immediate support is placed at 23200 levels,” he concluded.
-
Nifty Daily Chart – Friday, June 5
Nifty technical outlook for Monday, June 8
Commenting on Nifty technical outlook, as quoted by IANS, experts said that the 23,450–23,550 region continues to serve as a key immediate resistance zone. “A sustained breakout above this band could improve market sentiment and open the door for a recovery toward the 23,750–23,800 levels,” as per the analayst.
“On the downside, the 23,250 area remains an important near-term support level. Sustaining above this zone will be crucial to preserve the current structure,” the analyst stated.
Broader markets on Friday, June 8
Broader markets also ended weak, with the Nifty MidCap 100 index falling 0.35 per cent and the Nifty SmallCap 100 index declining 0.06 per cent.
Sectoral trends showed weakness in IT and metal stocks, while the media sector managed to outperform the broader market.
Market participants initially drew comfort from measures aimed at improving foreign capital inflows, including the ordinance addressing tax-related concerns for foreign investors. However, sentiment remained subdued after the RBI maintained the repo rate and lowered its GDP growth forecast.
The Reserve Bank kept the repo rate unchanged and revised its GDP growth forecast downward to 6.6 per cent from 6.9 per cent.
Global geopolitical developments also weighed on investor sentiment. Israel-Lebanon’s latest ceasefire showed few signs of holding, dampening optimism surrounding the US-Iran peace process and affecting regional risk appetite.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
