Buy or sell stocks: The Indian stock market witnessed sharp selling pressure on Monday, June 1, after opening on a positive note, as investors continued to adopt a sell-on-rise strategy amid persistent concerns over elevated crude oil prices and the absence of any breakthrough in the Middle East conflict.
The ended the session at 74,267, down 508 points or 0.68%, extending its cumulative decline over the past four trading days to 2,220 points. Meanwhile, the Nifty 50 slipped 165 points, or 0.70%, to close at 23,383, taking its total loss over the last four sessions to nearly 650 points.
Stock market today
Nifty 50
On 1st June 2026, the opened with a gap-up of 106.75 points at 23,654.50, reflecting positive sentiment at the start of the session. However, the optimism faded quickly as the index registered its intraday high of 23,733.70 within the first few minutes of trade. Thereafter, persistent selling pressure dominated the market throughout the day, dragging the index steadily lower. The weakness intensified during the latter half of the session, with Nifty registering its intraday low of 23,357.95 near the close before eventually settling at 23,382.60, declining by 165.15 points or 0.70% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a strong bearish candlestick pattern reflects sustained selling pressure throughout the session. The inability to sustain the gap-up opening and the close near the day’s low indicate weakness in near-term sentiment and suggest that sellers remained firmly in control.
“From a technical perspective, immediate support is placed in the 23,150–23,200 range, while resistance is observed between 23,480 and 23,550 levels. The Relative Strength Index (RSI) stands at 40.27, indicating weakening momentum and suggesting that the index is approaching the lower end of the neutral zone. In the derivatives segment, notable call writing was seen at the 23,500 strike, followed by 23,600, while significant put writing was observed at 23,400 and 23,200 levels, indicating immediate resistance near higher strikes while support remains positioned around lower levels,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a gap-up of 164.65 points at 54,403.85, reflecting a positive start for the banking space. However, similar to the broader market, the index registered its intraday high of 54,582.75 within the first few minutes of trade and thereafter witnessed relentless selling pressure throughout the session. The weakness persisted through the day, dragging Bank Nifty lower towards its intraday low of 53,470.00 near the close. The index eventually settled at 53,643.10, declining by 596.10 points or 1.10% for the session.
Bagadia noted that on the daily timeframe, the formation of a strong bearish candlestick pattern reflects aggressive profit booking and sustained weakness across banking counters. The inability to hold higher levels and the close near the day’s low suggest that bears maintained control throughout the trading session.
“From a technical standpoint, immediate support is placed in the 53,000–53,100 range, while resistance is seen in the 54,100–54,300 zone. The Relative Strength Index (RSI) stands at 43.02, indicating weakening momentum and suggesting that the banking index remains under pressure in the near term. Sustaining above key support zones will remain important to prevent further downside pressure and stabilize sentiment in the banking segment,” he said.
He further advised traders to closely monitor immediate support zones, as any decisive breach could trigger further downside pressure, while sustained movement above resistance levels will be crucial to revive bullish momentum in the near term, as the recent price action suggests a sharply negative trading session with both benchmark indices failing to sustain their gap-up openings and witnessing persistent selling pressure throughout the day.
Market breadth remained distinctly weak, with declines significantly outnumbering advances, while all Bank Nifty constituents ended in negative territory, highlighting broad-based weakness across the banking segment. Rising volatility, coupled with heavy selling across key sectors, reflects cautious sentiment among market participants.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five on Tuesday, 2 June: Rategain Travel Technologies, Chennai Petroleum Corporation, NBCC (India), Redington, and LTM.
1] Rategain Travel Technologies: Buy at ₹777, Target ₹845, Stop Loss ₹739
RateGain Travel Technologies share price is showing strong bullish momentum after breaking above its previous swing high and sustaining a higher high–higher low formation on the daily timeframe. The breakout indicates continuation of the prevailing uptrend and reflects sustained buying interest. The stock is also trading above all key DEMAs, including the 20, 50, 100, and 200 levels, reinforcing the positive trend structure and underlying strength. Based on the current setup, traders may consider Buy at CMP with a stop loss at ₹739 for a potential upside target of ₹845, applying disciplined risk management.
2] Chennai Petroleum Corporation: Buy at ₹1097, Target ₹1200, Stop Loss ₹1042
Chennai Petroleum Corporation share price is maintaining a strong bullish structure with a sustained higher high–higher low formation on the daily timeframe, indicating continued buying interest and strength in the ongoing uptrend. The stock has also delivered a fresh breakout from a rounding bottom pattern, signalling a bullish trend reversal and emergence of fresh upside momentum. This breakout further strengthens the positive technical outlook and supports continuation of the rally. Based on the current setup, traders may consider Buy at CMP with a strict stop loss at ₹1042 for a potential upside target of ₹1200, applying appropriate risk management.
3] NBCC (India): Buy at ₹104, Target ₹115, Stop Loss ₹99
NBCC (India) share price is showing a strong bullish setup after breaking out from a rounding bottom pattern on the daily timeframe, signalling a potential trend reversal and emergence of fresh buying momentum. The stock is also trading above all key DEMAs, including the 20, 50, 100, and 200 levels, reflecting strong trend alignment and sustained buying interest across multiple timeframes. The overall technical structure remains constructive, and traders may consider Buy at CMP with a strict stop loss at ₹99 for a potential upside target of ₹115, applying disciplined risk management.
4] Redington: Buy at ₹233, Target ₹252, Stop Loss ₹224
Redington share price is showing strong bullish momentum after breaking out from a range consolidation pattern on the daily timeframe. The breakout has been supported by higher trading volumes, indicating strong buying participation and validating the strength of the move. Additionally, RSI around 61.86 remains above the midpoint, reflecting positive momentum and improving bullish sentiment. The overall technical setup remains favourable, and traders may consider Buy at CMP with a strict stop loss at ₹224 for a potential upside target of ₹252, applying disciplined risk management.
5] LTM: Buy at ₹4196, Target ₹4550, Stop Loss ₹4000
LTM share price is showing improving strength after taking support near a crucial demand zone on the daily timeframe and rebounding sharply from lower levels, indicating strong buying interest. The recovery suggests the stock may be resuming its broader uptrend following a phase of consolidation. Additionally, RSI has crossed above the midpoint level of 50 from lower levels, signalling improving momentum and a positive shift in trend strength. Based on the current technical setup, traders may consider Buy at CMP with a strict stop loss at ₹4000 for a potential upside target of ₹4550, applying disciplined risk management.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.