Nifty & Bank Nifty Prediction for 8 June 2026: Crucial Support, Resistance & Intraday Trading Strategy
Nifty & Bank Nifty Prediction for 8 June 2026: Crucial Support, Resistance & Intraday Trading Strategy
Following the Reserve Bank of India’s (RBI) monetary policy announcement on Friday, 5 June, domestic benchmarks exhibited heightened volatility. As we head into the new trading week on Monday, 8 June 2026, global cues and domestic technical levels are expected to steer trade direction. Here is a comprehensive overview of support and resistance zones for Nifty 50 and Bank Nifty.
RBI Policy Aftermath: Key Takeaways
During the MPC session concluded on Friday, the central bank decided to retain the benchmark repo rate at 5.25%, maintaining a "neutral" stance. However, the market's initial cheer was cut short as two critical projections raised caution flags:
Major Updates from Friday's Policy Meet:
- FY27 GDP Forecast Trimmed: Revised down to 6.6% from the earlier estimate of 6.9%.
- Inflation Projections Lifted: Retuned higher to 5.1% due to persistent food price pressures and global supply risks.
- Liquidity Measures: The RBI introduced new capital-flow guidelines that boosted the Indian Rupee to a one-month high.
This mixture of positive rate-pauses and cautious economic projections resulted in a classic "rally and reversal" pattern on Friday, leading to severe afternoon profit-booking across IT, Metal, and FMCG sectors.
Nifty 50 Analysis & Critical Levels
Nifty 50 closed Friday's session at 23,366.70, losing 49.85 points (-0.21%). On the daily charts, Nifty formed a bearish engulfing pattern on a intraday scale, indicating selling pressure at higher levels near 23,500.
| Key Parameter | Price Level | Technical Significance |
|---|---|---|
| Resistance 2 | 23,650 | Heavy supply zone / Short-term target for bulls. |
| Resistance 1 | 23,515 | Immediate hurdle; Friday's peak supply region. |
| Support 1 | 23,280 | Immediate demand zone; crucial for intraday stability. |
| Support 2 | 23,200 | Decisive swing support. Breakdown below this triggers deep correction. |
Sell-on-Rise: Given the weak overnight closing of US tech indices and a potential gap-down opening indicated by GIFT Nifty, wait for a pull-back. If Nifty rises to 23,450–23,500 but fails to hold, initiate short positions with a strict stop loss at 23,560, targeting 23,300.
Bank Nifty Analysis & Critical Levels
Bank Nifty proved to be the relative outperformer on Friday, defying broader market weakness to close at 54,496.25, registering a gain of 188.40 points (+0.35%). Technical structure suggests banking stocks are holding their support lines better.
| Key Parameter | Price Level | Technical Significance |
|---|---|---|
| Resistance 2 | 55,100 | Psychological barrier and strong options concentration zone. |
| Resistance 1 | 54,689 | Friday's swing high; breakout point for fresh momentum. |
| Support 1 | 54,144 | Immediate demand region. Needs to be held on morning dips. |
| Support 2 | 53,700 | Major trendline support. Trend reverses to bearish below this. |
Buy-on-Dips: If Bank Nifty opens lower near 54,100–54,200 and consolidates above 54,100, look for long opportunities with a stop loss below 53,950 for targets of 54,500 and 54,680.
Key Market Drivers for Monday, 8 June
Keep an eye on these global and domestic catalysts that will influence the morning price action:
- Tech Sector Drag: NASDAQ saw a sharp correction on Friday night. Consequently, Indian IT majors (Wipro, TCS, Infosys) are likely to face strong overhead selling pressure at the open.
- FII & DII Activity: Foreign Institutional Investors remain persistent sellers in cash segments. Only domestic institutional inflows are providing a cushion.
- Currency Strength: The Indian Rupee hitting a 1-month high post-RBI policy is positive for capital markets, specifically import-heavy sectors.
Frequently Asked Questions (FAQs)
Yes, 8 June 2026 falls on a Monday. Regular trading sessions on the NSE and BSE will operate normally from 9:15 AM to 3:30 PM IST, preceded by the pre-open session starting at 9:00 AM.
Nifty is currently facing solid resistance at the 23,515 level. If it breaches that zone, the next bullish target is 23,650. On the downside, if 23,280 is broken, the index could slide toward the 23,200 major support area.
Although the RBI paused rates at 5.25% as expected, its downward revision of the FY27 GDP forecast to 6.6% (from 6.9%) and heightened inflation estimates to 5.1% raised macroeconomic concerns, triggering profit-booking on high levels.
Bank Nifty is relatively stronger than Nifty. If it holds above its key support zone of 54,100–54,150, buying on minor pullbacks can be planned. A slide below 54,000 will turn the intraday bias to neutral-bearish.
Following a significant tech sell-off in US markets on Friday, the IT sector is expected to start weak. Traders should avoid buying IT stocks aggressively on the immediate morning open and wait for initial consolidation.
Disclaimer: The views, opinions, and analysis provided in this article are solely for educational purposes and do not constitute financial or investment advice. Stock and derivatives trading involve substantial risk of loss. The authors or the platform are not responsible for any financial losses incurred based on this report. Please consult a SEBI-registered financial advisor before placing any trades.
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