Dalal Street is poised to start the week on a positive mote, as favourable global cues and the RBI's policy actions will support the bulls' optimism on Monday, June 9.
At 7.40 am, the GIFT Nifty index was quoting 25,174, higher by 75 points or 0.38 percent, indicating an open in the green for benchmark indices Nifty 50 and Sensex.
In the previous session, the frontline indices extended gains for a third session on a larger-than-expected rate cut by the Reserve Bank of India (RBI) along with a cash reserve ratio (CRR) cut, seen as efforts to drive demand, with the Nifty 50 posting its best day in three weeks.
Foreign Institutional Investors made net purchases worth Rs 1,009 crore, while DIIs were significantly more active, with net purchases of Rs 9,342 crore. FIIs have remained net sellers in 2025 so far, offloading equities worth Rs 1.24 lakh crore. In contrast, DIIs have continued to support the market, with net purchases nearing Rs 3 lakh crore year-to-date.
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Here are the key levels to track in today's session
Nifty has formed a bullish engulfing candle in the weekly chart as buying demand on expected lines emerged from the lower band of the last three weeks consolidation range signaling strength. Nifty is currently placed at the upper band of the last three weeks consolidation range 24,400-25,100.
"We expect the index to move above the upper band of the range and head higher towards immediate hurdle of 25,250 and then towards 25,500 in the coming weeks. Dips in the coming week should be used as a buying opportunity with Key short-term support placed at 24,700 and 24,400 levels being the confluence of the previous breakout area, last three weeks lows and key retracement area," said Bajaj Broking Research.
India VIX cooled significantly during the week, dropping nearly nine percent to 14.63, down by three percent This moderation in volatility suggests declining market anxiety and is typically a precursor to a continued uptrend, signaling increasing investor confidence.
The Put-Call Ratio (PCR) has climbed from 0.79 to 0.98, reflecting reduced bearish sentiment and growing bullish traction. The Max Pain stands at 56,000, indicating a high probability of expiry settling near current market levels.
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