Stock Market Technical Analysis | 8th to 12th June 2026 Weekly Wrap
Indian equities witnessed a recovery-led week with banking stocks driving gains despite continued FII selling. Lower volatility, strong private bank performance, and supportive derivatives data kept sentiment constructive.
Expert recommendation by:
- Mr. Ketan Kaushik - Derivative Analyst
Equity
- Benchmark Index traded volatile in the previous week before closing with 1.10% gain at 23623 level. Banking Index outperformed the benchmark index as it closed with 4.25% gain at 54496 level.
- Among the Nifty constituents, KOTAKBANK and AXISBANK outperformed the benchmark index as they closed with 6.85% and 6.60% gains while WIPRO and ONGC underperformed as they closed with 9.19% and 7.01% cut respectively. Among the Bank Nifty constituents KOTKABANK outperformed the benchmark index as it closed with 6.85% gain while CANBK underperformed the benchmark index as it closed with 3.05% cut.
- Among sectors, NIFTYPVTBANK index outperformed the benchmark index during the previous week as it closed with 5.14% gain while NIFTYIT index underperformed as it closed with 4.19% cut. Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.02% and 0.48% gains respectively.
- Volatility index (India VIX) closed with 6.78% cut at 14.7 level.
- FII were net sellers as they sold stocks worth Rs 15,316 Cr while DII were net buyers as they bought stocks worth Rs 24,014 Cr during the previous week in the cash segment.
- Globally, equity markets traded with positive bias as both US market (DJIA) and European market (STOXX 600) closed with 0.66% and 1.69% gains respectively.
Derivatives
- Derivatives data for Nifty suggest max OI addition at 24000 call and 23400 put side with max OI at 24000 call and 22500 put side (16th Jun expiry). Nifty cumulative PCR closed at 1.41 for Jun 12.
- Derivatives data for Bank-nifty suggest max OI addition at 63000 call and 56000 put side with max OI at 60000 call and 54000 put side (30th Jun expiry). Bank-nifty cumulative PCR closed at 1.05 for Jun 12.
💡Want to understand how derivatives drive these market swings?
Master the basics of stock market derivatives here.
Performance:
Indices
| INDEX | Close | Weekly % Change |
|---|---|---|
| NIFTY 50 | 23,623 | 1.10% |
| BANK NIFTY | 56,815 | 4.25% |
| FINNIFTY | 25,943 | 3.54% |
| NIFTY NEXT 50 | 70,007 | -3.10% |
| MIDCAP SELECT | 14,246 | 0.98% |
| SENSEX | 75,528 | 1.73% |
| INDIA VIX | 14.71 | -6.78% |
Source: NSE
Sector Gainers/Losers
| INDEX | Close | Weekly % Change |
|---|---|---|
| NIFTY AUTO | 26,294 | 0.49% |
| NIFTY FMCG | 48,828 | 1.09% |
| NIFTY IT | 27,796 | -4.19% |
| NIFTY METAL | 12,855 | -2.77% |
| NIFTY PHARMA | 24,380 | 0.54% |
| NIFTY PSE | 9,897 | -1.82% |
| NIFTY PSU BANK | 8,529 | 3.27% |
| NIFTY PRIVATE BANK | 27,650 | 5.14% |
| NIFTY REALTY | 770 | 0.14% |
| NIFTY MEDIA | 1,488 | -0.96% |
| NIFTY INDIA DEFENCE | 8,995 | -0.86% |
| NIFTY MIDCAP | 60,768 | 0.02% |
| NIFTY SMALLCAP | 17,883 | 0.48% |
Source: NSE
FII / DII ACTIVITY (WEEKLY)
| INDEX | Rs in Cr |
|---|---|
| FII | -15,316 |
| DII | 24,014 |
Source: NSE
SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK
| INDEX | BIAS | S2 | S1 | CLOSE | R1 | R2 |
|---|---|---|---|---|---|---|
| NIFTY | POSITIVE | 23000 | 23200 | 23,623 | 24300 | 24600 |
| BANK NIFTY | POSITIVE | 55200 | 55700 | 56,815 | 58500 | 59000 |
| FINNIFTY | POSITIVE | 25100 | 25400 | 25,943 | 26700 | 27000 |
Source: NSE
DAILY EXPONENTIAL MOVING AVERAGE
| INDEX | CLOSE | 9 DAYS | 21 DAYS | 50 DAYS | 100 DAYS | 200 DAYS |
|---|---|---|---|---|---|---|
| NIFTY | 23,623 | 23,384 | 23,519 | 23,769 | 24,164 | 24,480 |
| BANK NIFTY | 56,815 | 55,101 | 54,753 | 55,060 | 55,856 | 56,103 |
| FINNIFTY | 25,943 | 25,303 | 25,360 | 25,636 | 26,040 | 26,212 |
Source: NSE
TECHNICAL OUTLOOK
NIFTY (WEEKLY)
- Benchmark index traded volatile in the previous week before closing with bullish candlestick formation on the weekly chart
- Benchmark index is likely to trade with positive bias in the coming week
- Benchmark Index has support at 23,200 – 23,000 level and resistance at 24,300– 24,600 level
BANKNIFTY (WEEKLY)
- Banking index outperformed the benchmark and closed with bullish candlestick formation on the weekly chart
- Banking index is likely to perform in line the Benchmark index in the coming week
- Banking index has support at 55,700-55,200 and resistance at 58,500 -59,000 level
FINNIFTY (WEEKLY)
- FINNIFTY index lagged the banking index and closed with bullish candlestick formation on the weekly chart
- FINNIFTY is likely to trade in line with the banking index in the coming week
- FINNIFTY has support at 25,400-25,100 level and resistance at 26,700-27,000 level.
Turn insights into action — invest in Index ETFs and Derivatives now.
Open your MNCL Demat Account today!
Market FAQs – Weekly Summary
Why did Bank Nifty outperform Nifty this week?
Strong buying in private banking stocks, particularly Kotak Mahindra Bank and Axis Bank, helped Bank Nifty significantly outperform the broader market.
What drove Nifty's weekly gain?
Strength in financial stocks, lower volatility, and supportive domestic institutional buying contributed to Nifty's positive weekly performance.
Which sector was the top performer during the week?
Nifty Private Bank was the best-performing sector, gaining 5.14% and leading the market rally.
Which sector underperformed the most?
Nifty IT was the weakest sector, declining 4.19% due to weakness in major technology stocks.
What does the decline in India VIX indicate?
A falling India VIX suggests reduced market uncertainty and lower expectations of near-term volatility.
What does Nifty PCR of 1.41 indicate?
A PCR above 1 generally indicates stronger put writing activity and relatively bullish market sentiment.
What are the key Nifty support and resistance levels?
Derivatives data suggests support around 22,500–23,400 while resistance remains near the 24,000 zone.
How did FIIs and DIIs participate during the week?
FIIs remained net sellers with outflows of ₹15,316 crore, while DIIs supported the market through purchases worth ₹24,014 crore.
How did broader markets perform?
Midcap and Smallcap indices posted marginal gains but underperformed the benchmark index during the week.
What should traders track in the coming week?
Investors should monitor derivatives positioning, institutional flows, global market trends, and movement around the 24,000 Nifty level.
Before You Trade, Strengthen Your Foundations with These Guides
- For a stronger understanding of indicators such as RSI, VWAP, and trendlines, check our 👉 Technical Analysis Fundamentals section.
- Want to refine your risk-reward planning? Explore our insights on 👉 Position Sizing & Risk Management Strategies.
- India VIX Explained
- Track weekly trends and movement using
👉 Gift Nifty Live Dashboard
👉 Gift Nifty Today Analysis
👉 How to Trade Gift Nifty
👉 Gift Nifty Trading Hours - Learn how to interpret derivatives data for better trading decisions. 👉 Advanced Trading Strategies
Disclaimer: - Investments in securities market are subject to market risk, read all the related document carefully before investing. https://www.mnclgroup.com/research-disclaimer
