NIFTY Index Chart Analysis

The Nifty 50 index extended its decline for the second consecutive week and opened with a gap-down on Monday, June 08, 2026. The index settled near a fresh two-month low as global sentiment remained weak amid uncertainty around the US-Iran deal and a sell-off in AI-related stocks on Wall Street over the weekend. With Monday’s fall, Nifty also filled the upside opening gap created nearly two months ago on April 08, 2026.[EasyDNNnews:PaidContentStart]

On Tuesday, June 09, 2026, the index attempted a rebound. It opened with a gap-up of nearly 136 points, but the early strength did not last long as Nifty slipped more than 150 points from the day’s high. However, buying interest returned in the second half, leading to a sharp V-shaped recovery and helping the index close near the day’s high.

The recovery was largely driven by Banking and financial stocks after the RBI allowed banks to raise overseas foreigncurrency borrowings with a minimum maturity of three years at concessional swap rates. The move is expected to support dollar inflows.

Tuesday’s price action led to the formation of a hammer-like candle with a long lower shadow, along with a higher high and higher low. Such a pattern, when formed after a decline, often indicates an early attempt at bullish reversal. However, confirmation is still awaited.

A close above 23,280 would strengthen the reversal setup and confirm the bullish reversal signal from the hammer candle. Despite the rebound, Nifty is still trading below its short-term moving averages, which remains a concern. A decisive move above 23,380, placed near the 8-EMA, will be the first sign of improving strength.

Above this, the next resistance levels are placed at the 20-DMA of 23,561 and the 50-DMA of 23,699. Interestingly, the 50-DMA has started turning upward, which is a positive development. If Nifty manages to cross these levels with strong volumes, it could indicate a more convincing trend reversal.

Momentum indicators are showing early signs of improvement. The 14-period daily RSI has recovered to around 40, suggesting some pick-up in strength. However, the MACD continues to remain in bearish territory, indicating that the current move should still be treated as a pullback attempt rather than a confirmed reversal.

For now, bulls appear to be trying a comeback after bears paused following two weak sessions. Going ahead, Nifty must close above 23,280 to extend the recovery. The 8-EMA near 23,382 will act as the immediate target and resistance, followed by 23,561 and 23,699, where the 20-DMA and 50-DMA are placed.

On the downside, the 23,000–23,100 zone remains crucial. A close below this range may weaken sentiment and reopen the downside towards 22,700.

The broader technical structure is still at an important inflection point. Nifty is trading below its 50-week and 100-week moving averages while attempting to stabilise above the key support zone of 23,000–23,100. This area has now become a major line of defense for the index.

As long as Nifty holds this support zone, the downside may remain cushioned. However, any sustained break below it could cause structural damage and trigger a fresh phase of weakness. On the upside, the index needs to reclaim and sustain above the 23,561–23,700 zone to improve the near-term outlook and open the door for a stronger recovery.

STOCK RECOMMENDATIONS

THYROCARE TECHNOLOGIES LTD. ................... BUY .................. CMP ₹547.95
BSE Code : 539871
Target 1 .... ₹610 
Target 2 ..... ₹643 
Stoploss....₹496 (CLS)

Thyrocare Technologies Ltd is one of India’s leading diagnostic healthcare service providers, with a strong pan-India presence. The company has built its business around a highly centralised and fully automated laboratory network, enabling faster processing and lower testing costs. Its key strength lies in preventive health check-ups, metabolic testing and endocrine diagnostics, with the Aarogyam brand serving as its flagship offering. From the technical perspective, the stock has shown strong momentum after breaking out of a Cup-with-Handle pattern, ending nearly 28 weeks of consolidation. The breakout came above the ₹530–₹540 pivot zone, supported by healthy price and volume action.

As per O’Neil Methodology, the stock holds an EPS Rank of 77, which is fair but leaves room for earnings improvement. Its RS Rating of 89 signals strong relative outperformance, while Buyer Demand at ‘A’ reflects rising investor interest. The Group Rank of 33 shows that it belongs to a strong Medical Services industry group, and its Master Score of ‘A’ further strengthens the overall setup. The stock is trading above all key moving averages, indicating a positive trend. Traders may consider the stock with a stop loss at ₹496 and an upside target in the range of ₹610– ₹643.

APOLLO HOSPITALS ENTERPRISE LTD. ............... BUY ............. CMP ₹8,525.60
BSE Code : 508869
Target 1 ...... ₹8,900
Target 2 ..... ₹9,000 
Stoploss.....₹8,330 (CLS)

Apollo has grown from a single-hospital company into a broad healthcare platform with presence across hospitals, pharmacies, retail health, primary care, diagnostics and digital health services. Today, Apollo Hospital offers an integrated healthcare ecosystem covering tertiary care, day-care procedures, pharmacy, diagnostics, primary consultations and teleconsultations. This diversified model has helped the company build a strong brand and deepen its reach across the healthcare value chain.

On the technical front, the stock has broken out of a 12-day cup-pattern base and closed at a fresh lifetime high. The breakout was supported by higher volumes, adding strength to the move. Its Relative Strength line has also moved to a new high, indicating clear outperformance against the broader market. The stock is trading comfortably above all key moving averages and is around 8.49 per cent above its 50-DMA. The moving average ribbon remains in an uptrend, while the Bollinger Bands have started expanding across timeframes, signalling rising momentum.

Momentum indicators also support the bullish structure. The MACD has given a fresh bullish signal, the RSI remains in the bullish zone and the Stochastic RSI is also positively placed. The Elder Impulse System has formed a strong bullish bar, further confirming buying strength. In short, Apollo Hospitals has broken out of a strong base. A sustained move above ₹8,520 can open the way towards ₹8,900– ₹9,000. Traders may maintain a stop loss at ₹8,330.

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