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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  6 June 2026, 8.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 8 June 2026

After showing a sustainable recovery from the supports on Thursday, Nifty consolidated within range bound action on Friday and closed the day lower by 49 points. After opening on a positive note, the market was not able to sustain the hurdle of 23500 levels and shifted into a range bound action for better part of the session.

A small negative candle was formed on the daily chart with minor lower shadow. Though, Nifty placed above the supports, it has failed to gain momentum on the upside for the breakout. The status-quo announcement by RBI in its bi-monthly policy meet has failed to lift the positive sentiment in the market.

The underlying trend of Nifty remains choppy with positive bias. A decisive breakout of 23500 could open further upside towards the next hurdle of 23800-23900 levels by next week. Immediate support is placed at 23200 levels.

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Stock recommendations by Nagaraj Shetti

Who is Nagaraj Shetti?

Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.