Nifty Prediction, Tuesday 9 June: Inverted hammer-like candlestick pattern on daily chart, technical indicators signal caution – Key levels to watch – Markets

Market sentiment was hit after reports suggested that Iran fired missiles at Israel, raising concerns over the fragile security situation in the region and dampening hopes of any immediate peace breakthrough between Washington and Tehran. The development also fuelled worries over potential disruptions in global oil supply, pushing crude prices higher.

Nifty Prediction for Tuesday, June 9 by experts

Technical analysts believe the benchmark index is approaching a crucial support zone, with the next trading session likely to determine whether the market stabilises or slips into a deeper correction.

According to Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, said Nifty formed an inverted hammer-like candlestick pattern on the daily chart, indicating buying support emerging from lower levels despite the weak close.

“Indian equity benchmark Nifty index witnessed a negative close on 8th June 2026. The index opened with a gap-down at 23,080.70, reflecting weak sentiment at the start of the session compared to the previous close of 23,366.70. The index registered its intraday low of 23,070.15 within the first few minutes of trade. Thereafter, buying interest emerged and helped the index recover steadily during the first half, pushing it to an intraday high of 23,267.30,” he said.

However, the recovery failed to sustain at higher levels as renewed selling pressure emerged in the second half, dragging the index lower. The Nifty eventually settled at 23,123.00, ending the session with a decline of 243.70 points or 1.04%, Gupta added.

“On the daily timeframe, the index formed an inverted hammer-like candlestick pattern, indicating buying support emerging from lower levels despite the overall weak close. However, the inability to sustain near the intraday highs reflects continued caution among market participants,” Gupta stated.

From a technical perspective, Gupta said the immediate support is placed in the 22,900–23,000 zone, while resistance is observed in the 23,250–23,300 range. “The Relative Strength Index (RSI) stands at 35.77, indicating weak momentum and continued pressure on the benchmark index. The volatility index, India VIX, surged 7.85% to close at 17.02, indicating a rise in market volatility and growing uncertainty among traders,” he said, adding that in the derivatives segment, notable call writing was observed at the 23,300 and 23,400 strikes, while put writing was concentrated at the 23,100 and 23,000 levels, indicating a broader trading range with support positioned near lower levels.

Sectorally, he further stated the market witnessed broad-based weakness with most sectoral indices ending in the red. Sharp selling pressure was visible in Realty, Metal, Auto, Media, IT, Oil & Gas, Chemicals, Cement and Financial segments. Healthcare managed to close marginally positive and emerged as a relative outperformer.

“Market breadth remained decisively negative, with declining stocks significantly outnumbering advancing stocks, reflecting widespread weakness across the broader market,” Gupta stated.

He further stated, “Markets witnessed a highly volatile session with both benchmark indices opening sharply lower and attempting a recovery during the first half. However, the rebound failed to sustain as selling pressure re-emerged across sectors in the latter half of the session. Broader market participation remained weak, as reflected by the negative market breadth and widespread sectoral declines. The rise in India VIX further signals increasing nervousness among market participants.”

Going forward, Gupta said sustained strength above immediate resistance levels will be crucial for confirming any meaningful recovery, while a breach of support zones may keep pressure on the indices in the near term.

Nandish Shah – Deputy Vice President, HDFC Securities, said Nifty slipped out of its four-session consolidation, 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, with Nifty giving up most of its intraday gains. NSE cash market turnover declined 15% compared to the previous session,” he said.

Technically, Shah said 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,” he concluded.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the market witnessed sharp fall on Monday on the back of rising geo-political tension between Iran-US/Israel and the sharp weakness in global markets, Nifty closed the day lower by 243 points.

“After opening on a downside gap of 280 points, the market showed minor recovery amidst range movement in the early-mid part of the session. The selling pressure has emerged again in the later half and Nifty closed near the lows,” he said.

He further said a small green candle was formed on the daily chart with upper shadow. “Technically, this market action indicates an attempt of breakdown of the important support of previous significant opening up gap of 8th April at 23150. This is not a good sign,” Shetti said.

“The underlying trend of Nifty is weak and a decisive move below the support 23100 could open more weakness down to 22700 levels in quick period of time. Immediate resistance is placed at 23250,” Shetti concluded.

Broader markets, sectoral indices on Monday, June 8

Broader markets witnessed even steeper losses, with the Nifty MidCap index declining 1.66 per cent and the Nifty SmallCap index falling 2.88 per cent.

Sector-wise, almost all major indices on the NSE closed in the red as selling pressure was broad-based. Nifty Metal was among the worst performers, falling 2.33 per cent. Nifty Auto declined 1.85 per cent, while Nifty Consumer Durables dropped 1.49 per cent. Nifty IT lost 1.23 per cent, and Nifty FMCG closed 0.42 per cent lower.

In contrast, the Nifty Healthcare index managed to outperform, offering some relative resilience amid the broader market decline.