It was a bearish day, both the indices nifty banknifty opened gapped down and stay bearish for most of the day, only towards the last 45 minutes, they showed some strength but still closed 0.9% down each of them.
Importantly nifty traded for good amount of time below 16400, 16370 which is a crucial zone. So, trading below that is a sign of weakness, well nifty closed above these levels.
For Tomorrow again I am expecting market to be in a range, the way they have been for last few days, but market could also be a bit choppy because the monetary policy committee is likely to announce its result. If there will be any unexpected news, the markets could react to that.
However, the sectors that did well today were Energy and Auto, the sectors did not well today Realty, IT and Media.
Levels for tomorrow (8 June 2022)
Nifty= Support 16200- Resistance 16400
Banknifty= Support 34300- Resistance 35700