Nifty Prediction Today – June 08, 2026: Nifty 50 Futures: Can go either way; stay out
AI Summary
The Nifty 50 index has opened the week down 0.77%, starting at 23,080.70 and briefly hitting a low of 23,070.15 before recovering to 23,188. The index faces critical support at 23,000, with potential for a rise to 23,300 if it maintains its current level, but a drop below 23,000 could lead to further declines. Traders are advised to remain cautious and stay out of the market today due to the uncertain outlook.
Nifty 50 has begun the week on a negative note. The index opened with a wide gap-down at 23,080.70 and touched a low of 23,070.15. However, it has managed to bounce back from this low and is currently trading at 23,188, down 0.77 per cent. The advances/declines ratio is at 8:42. This is negative.
Need to see if this bounce is sustaining or not. If it does, then a rise to 23,300 is possible during the day. But if the index turns down again, it can fall to 23,000.
On the charts, 23,000 is an important support which can limit the downside for now. As long as the index trades above 23,000, a gradual rise to 23,400 is possible in the coming days.
But a break below 23,000 will increase the downside pressure. It can drag the index down to 22,900 initially and even lower thereafter,
The Nifty 50 June Futures (23,250) is down 0.84 per cent. The contract touched a low of 23,166 in the early trades and has risen back well from there. Intermediate resistance is at 23,285, A break above it can take the contract higher to 23,350 and even higher in the coming sessions.
Failure to rise above 23,285 during the day can trigger a reversal. That will drag the contract down to 23,100-23,050 going forward.
There is equal chance to move either way from here. So, we suggest traders to stay out of the market today.
Original Article
Published on Hindu BusinessLine