The Nifty is currently trading at 23,518.55, down 29.20 points or 0.12% from Friday's close of 23,547.75, as reported by The Hindu BusinessLine. The index has slipped back into the consolidation zone established in the third week of May, according to SBI Securities. At 12:30 PM, the Sensex was trading at 74,701.78, down 73.96 points or 0.10% from its previous close of 74,775.74, having opened at 75,203.02. The broader market showed mixed breadth with 1,833 stocks advancing while 2,320 declined on the BSE, while the Nifty's Advance-Decline ratio stood at 18:32, indicating broader selling pressure beneath the headline index.
SBI Securities places the Nifty's crucial support in the 23,430–23,450 zone, with resistance at 23,670–23,690, as reported by The Hindu BusinessLine. The index is undergoing a healthy consolidation in the 23,800-23,200 zone that has set the stage for gradual movement toward the 24,500 level in coming weeks. A slip below 23,430 could expose the index to the 23,200–23,100 range, while a break above 23,690 could extend the rally toward 23,890. The Nifty Midcap index has broken out of a three-week consolidation to hit new record highs, while the Small-cap index bounced off its 50-week EMA base and sits 8% below all-time highs. After a healthy consolidation, the index has broken out with buying visible on dips, while relative strength against peers and the broader market remains favourable.
IT stocks dominated the gainers' list and provided the primary buffer against a steeper decline, as reported by The Hindu BusinessLine. Tech Mahindra surged 4.86% to ₹1,556.00, while Infosys jumped 4.63% to ₹1,214.60 on volumes of over one crore shares valued at ₹1,20,693.55 lakh. TCS gained 3.34% to ₹2,334.30 on volumes worth ₹1,40,184.24 lakh, and HCL Technologies added 2.27% to ₹1,210.70. Coal India was another notable gainer, rising 3.43% to ₹473.60 on heavy volumes of over 3.42 crore shares worth ₹1,59,888.47 lakh. However, Tata Consumer Products fell 1.73% to ₹1,158.00, Max Healthcare dropped 1.68% to ₹948.90, and Mahindra & Mahindra declined 1.65% to ₹2,995.20.
Multiple analysts have provided specific stock recommendations for potential gains. Tata Power is recommended as a buy at ₹410-424 with a target of ₹470 and stop loss at ₹392, according to Sihl research. Sona BLW Precision Forgings is suggested as a buy at ₹600-610 with target ₹660 and stop loss at ₹588. L&T is recommended at current market price ₹4,074 with target ₹4,240-4,400 and stop loss at ₹3,950. Indian Energy Exchange is suggested at ₹128.31 with target ₹134-139.80 and stop loss at ₹124.50. Nuvama Wealth Management is also recommended as a buy with specific target and stop loss details.
Market experts remain cautious as foreign institutional selling and unresolved U.S.–Iran negotiations continued to cap upside, according to The Hindu BusinessLine. Until greater clarity emerges on the geopolitical front, markets are likely to remain range-bound and headline-driven, said Ponmudi R, CEO of Enrich Money. The modest rebound reflects more of a technical recovery than a decisive improvement in sentiment, with investors remaining cautious amid persistent geopolitical uncertainty and mixed global cues. Crude oil remained a key watch point, with US oil trading in the $89–91 zone and MCX Crude Oil above ₹8,500, while the rupee continued to strengthen with USD/INR trading below ₹94.90. Markets also awaited the RBI's monetary policy decision due June 5, with the central bank's commentary on growth and inflation expected to provide fresh directional cues.
