Trading Plan: Can Nifty 50, Bank Nifty extend northward journey for fifth consecutive session?

Nifty Trading Plan

The Nifty 50 and Bank Nifty extended their upward journey for the fourth straight session on June 9, hitting an eight-month high and an all-time high, respectively. The trend remains positive as both indices traded well above key moving averages, and the RSI above 60 showed a positive crossover. As per experts, the next resistance for the Nifty 50 is placed in the 25,200–25,300 zone; above this, the 25,500 level becomes the next possible target. On the downside, immediate support is seen at 25,000, followed by 24,900. Meanwhile, the Bank Nifty is expected to sustain its upward movement toward 58,000, as long as it holds above the 56,000 support level.

On June 9, the Nifty 50 climbed 100 points to close at 25,103, while the Bank Nifty gained 261 points to settle at 56,840 amid healthy market breadth. Around 1,870 stocks advanced compared to 772 that declined on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

The Nifty 50 has finally provided a long-awaited breakout above the 25,100 level, and in the futures segment, it also closed above this level. The index had been consolidating within a range of 24,500 to 25,100 since May 15, and has now managed to surpass and close above that range. This breakout increases the probability of the index inching toward 25,500, which is the next immediate target, as this level holds the highest Call open interest (OI).

The Put-Call Ratio (PCR) is at 0.94, slightly below 1, indicating a neutral sentiment. The index is currently trading between 25,000 and 25,200 — the range between its maximum pain and modified maximum pain levels — suggesting that further upward momentum is likely above 25,200. On the downside, as long as the 25,000 level holds in index futures, the overall short-term trend remains positive.

Key Resistance: 25,200, 25,500

Key Support: 25,000, 24,800

Strategy: Buy Nifty Futures in the range of 25,100 to 25,200, with a stop-loss at 24,950 and a target of 25,500.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

On June 9, the Nifty traded within a narrow range of 25,077–25,160, finding strong support near the R3 Camarilla Monthly Pivot. This key support zone also aligns with a previous swing low on the daily chart, reinforcing its significance and increasing the probability of a short-term upside move.

From a momentum perspective, the daily RSI remains above 60, indicating continued bullish strength. On the sentiment front, the FII Long-Short Ratio, as of June 6, stands at a historically low 21 percent — a level that has often preceded short-covering-led rebounds in the index. The convergence of technical support, momentum indicators, and contrarian sentiment positioning suggests that the Nifty is poised for a near-term bounce.

Key Resistance: 25,200, 25,300

Key Support: 25,000, 24,900

Strategy: Buy Nifty Futures in the 25,100–25,150 zone, with a stop-loss at 24,900 and a target of 25,400.

Vidnyan S Sawant, Head of Research at GEPL Capital

Over the past week, the index repeatedly tested the 24,500 level and consistently attracted buying interest. It closed near the 25,000 mark, following two weeks of consolidation — a sign of improving sentiment and renewed strength. The MACD remains in bullish territory, with rising histogram bars indicating an acceleration in upward momentum. On the daily chart, the index is trading well above the 20-day EMA, reinforcing the continuation of the prevailing bullish trend.

Key Resistance: 25,250, 25,500

Key Support: 24,800, 24,500

Strategy: Buy Nifty Futures on dips near 24,800, with a stop-loss at 24,500 and targets of 25,250 and 25,500.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Bank Nifty has also provided a long-awaited breakout. After consolidating since April 23, the index finally broke out on the day of the RBI monetary policy announcement. The positive surprise from the RBI triggered a breakout above the 56,000 level, which now acts as critical support. As long as the index holds above this level, the short-term trend remains positive with a positional target of 60,000 and a short-term target of 58,000.

The PCR stands at 1.01, which is bullish. The index is also trading well above its maximum pain level of 56,000, further supporting a positive outlook. Until the 56,000 level is broken in the futures segment, the overall short-term trend remains positive.

Key Resistance: 58,000, 60,000

Key Support: 56,500, 56,000

Strategy: Buy Bank Nifty Futures in the range of 56,500 to 57,000, with a stop-loss at 55,900 and targets of 58,000 and 60,000.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

On June 9, Bank Nifty remained confined within a narrow range of 56,792–57,049 during the session. A notable technical development is the formation of an inside value relationship between the May and June Camarilla pivots (R3 & S3), with June's pivots nested within May’s range. Historically, such structures often precede sharp directional moves.

Adding to the bullish case, the daily RSI remains firm above 65, reflecting sustained momentum and suggesting the potential for further upside in the near term.

Key Resistance: 57,000, 57,400

Key Support: 56,400, 56,100

Strategy: Buy Bank Nifty Futures in the 56,800–57,000 zone, with a stop-loss at 56,500 and a target of 57,500.

Vidnyan S Sawant, Head of Research at GEPL Capital

Bank Nifty continues to outperform the broader Nifty, marking a new all-time high at 57,049. On the weekly chart, it maintains a consistent higher high–higher low structure, confirming a strong and sustained uptrend. The daily timeframe also supports this view, with the index holding firmly above its 12-, 26-, and 50-day EMAs, indicating strong trend strength. The MACD is gradually rising, signaling a build-up in upward momentum.

Key Resistance: 57,700, 58,500

Key Support: 56,000, 55,500

Strategy: Buy Bank Nifty at current market price, with targets of 57,700 and 58,500, and a stop-loss at 56,200.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.