Stock Market Outlook: How Will Nifty 50, Sensex Trade On June 10?

Stock Market Outlook: The Indian benchmark stock market bourse, Sensex, and Nifty 50, are expected to witness a gap down opening on Wednesday, following weak investor sentiment across global market due to fresh escalations in the US-Iran war.

The trends on Gift Nifty also signalled a negative opening for the Indian benchmark indices. The Gift Nifty was trading around 23,271 level, nearly 59 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market ended over half a percent higher, ending its two-day losing streak, with Nifty 50 closing over 23,200 level.

The Sensex rose 0.54% to close at 73,918.76, while the Nifty 50 settled or 0.52%, higher at 23,242.10.

Nifty 50 Outlook

The index has immediate resistance levels at 23,275, 23,317, and 23,384, while crucial support is placed at 23,142, 23,100, and 23,034 based on pivot points. On the daily chart, Nifty formed a small-bodied bearish candle with a long lower shadow, reflecting buying interest at lower levels and resembling a Dragonfly Doji-type formation, which is often viewed as a potential bullish reversal signal.

Despite this positive undertone, the index continues to trade below all major moving averages, which remain in a downward trajectory, indicating that the broader trend is still weak. The RSI improved to 39.58 but stayed below its reference line, while the MACD remained below the signal line, although the fading weakness in the histogram suggests that bearish momentum may be easing. 

Overall, the indicators point towards a possible near-term improvement in momentum, but the broader market outlook remains cautious until stronger confirmation emerges.

Bank Nifty Outlook

The index has immediate pivot-based resistance levels at 55,329, 55,583, and 55,994, while key supports are placed at 54,507, 54,253, and 53,842. From a Fibonacci perspective, major resistance is seen at 55,809 and 57,195, whereas crucial support levels lie at 53,687 and 52,798. On the daily chart, Bank Nifty outperformed the Nifty 50, advancing 2.09% and forming a strong bullish candle, indicating renewed buying interest. The index also moved above the previous week's high and reclaimed its short- and medium-term moving averages, supported by above-average trading volumes.

Momentum indicators further strengthened the bullish case, with the RSI rising to 55.48 and confirming a bullish crossover, while the MACD remained above the signal line with expanding green histogram bars. Collectively, these signals suggest improving market sentiment and strengthening bullish momentum, although sustaining above key resistance zones will be essential for further upside.

Sensex Outlook

The BSE Sensex closed at 73,524.26, down 719.08 points (-0.97%), amid broad-based selling pressure across sectors. After opening sharply lower by nearly 821 points at 73,421.61 due to weak global cues and cautious investor sentiment, the index slipped to an intraday low of 73,318.94 before witnessing buying interest at lower levels. 

This recovery helped the benchmark rebound towards an intraday high of 73,934.35, although the inability to sustain higher levels led to renewed profit booking during the latter half of the session. Sector-wise, weakness remained widespread, with Hospitals emerging as the only major outperforming segment, while Realty, Metals, Telecom, Commodities, Industrials, Capital Goods, Auto, Consumer Discretionary, Oil & Gas, Power, IT, Financial Services, Consumer Durables, and banking-related indices faced notable selling pressure, reflecting a clear risk-off sentiment across the market.

Stocks In Focus On June 10

Dixon Technologies

The company has inked a binding term sheet with Gemtek Technology Co. Ltd., a Taiwanese firm focused on wireless broadband, to establish a joint venture for manufacturing optical transceivers and BOSA (Bidirectional Optical Sub-Assembly) products. Dixon will hold a 60% stake in this proposed venture and Gemtek will own the remaining 40%

Ajanta Pharma

The Mumbai-based pharmaceutical company's promoter entity Ravi Agrawal Trust sold 34.5 lakh shares, representing a 2.8% stake in the company, through a block deal worth nearly Rs 1,024 crore.

Also Read: TCS Nashik Probe: N Chandrasekaran Vows Strict Action on Harassment

Meanwhile, Kotak Mahindra Mutual Fund acquired 21 lakh shares worth Rs 624 crore, while Aditya Birla Sun Life Mutual Fund purchased 13.5 lakh shares valued at Rs 400 crore. The transaction was executed at an average price of Rs 2,968 per share.

Bharti Airtel

Recently, the Bombay High Court quashed the Centre's one-time spectrum charge (OTSC) demands on telecom operators, Bharti Airtel disclosed a financial relief of more than Rs 10,500 crore. The company also received regulatory orders from the Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI), imposing penalties of Rs 6.67 lakh and a financial disincentive of Rs 37.12 lakh, respectively.