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Below the Market Commentary (closing) for 01th Jun 2026 by Bajaj Broking Ltd

Market Closing Commentary

Indian benchmark indices ended lower for the fourth consecutive session, with the Nifty slipping below the 23,400 mark on June 1 as persistent FII outflows and geopolitical uncertainties continued to weigh on investor sentiment. At close, the Sensex declined 508.40 points or 0.68% to 74,267.34, while the Nifty fell 165.15 points or 0.70% to 23,382.60.

On the sectoral front, most sectors ended in the red, reflecting broad-based selling pressure across the market. Major weakness was observed in Nifty FMCG, PSU Bank, Realty, and Auto, which emerged as the key laggards during the session. However, selective buying interest was visible in Nifty IT, Media, and Metal, which managed to outperform the broader market and provided some cushion to the decline. The broader market also witnessed significant profit booking, with the Nifty Midcap 100 index declining 1.45%, while the Nifty Smallcap 100 index fell 0.88%.

Nifty Outlook                            

Indian benchmark indices declined for the fourth session in a row with the NIFTY 50 slipping below the 23,400 marks. Geo-political tension continues to weigh on sentiment. Index in the daily chart formed a second sizable bearish candlestick pattern with a lower high and a lower low, index in the process closed below last week low 23,484 highlighting continuation of the downward bias.

Going ahead bias continues to remain down and index likely to test last month low of 23262 in the coming sessions. Only a formation of higher high and higher low in the daily chart will signal a pause in the downtrend. On the higher side 23,700-23,800 is expected to act as resistance being confluence of Monday’s high and 20 days EMA.

Bank Nifty Outlook

Index in the daily chart formed a bearish candle with a lower high and a lower low, index in the process closed below last week low 54,116 highlighting continuation of the downward bias. Index likely to consolidate in the range of 52,500-55,600 only a breakout or breakdown will signal directional moment in the index.

Index has key support placed at 52,700-52,500 being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (49955-57456). On the higher side key resistance at 55,600-56,000 levels being the confluence of last week high and 50 days EMA.

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