Buy or sell stocks, 2 June 2026: The Indian stock market witnessed another highly selective session on Monday, highlighting the widening gap between sector-specific opportunities and broader market sentiment. While benchmark indices remained under pressure and the Nifty 50 index extended its recent weakness, textile stocks emerged as one of the strongest outperformers following the government’s decision to temporarily remove the 11% customs duty and AIDC on cotton imports until October 2026.
The rally in textile stocks was fundamentally driven rather than momentum-led. However, the positive sectoral story failed to lift the broader market. Nifty initially attempted a recovery, but selling pressure intensified as the session progressed. Foreign institutional activity remained cautious, while global uncertainty surrounding crude oil prices and geopolitical developments in West Asia continued to weigh on investor sentiment.
The FMCG sector emerged as the biggest drag on the market. The Nifty FMCG Index fell more than 2%, with heavyweights such as Dabur, ITC, Britannia, and HUL witnessing significant selling pressure.
What Gift Nifty live chart signals?
The index is signalling a gap-down start on Dalal Street, trading around 100 points below Monday’s spot Nifty close. The index opened lower at 23,400 and touched an intraday low of 23,277 within a few minutes of the Opening Bell.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may open gap down on Tuesday, as the Gift Nifty is trading around 100 points below Monday’s spot Nifty close. She said that Dalal Street bias is sideways to negative until the Nifty 50 index is below 23,400. The Prabhudas Lilladher expert maintained that 23,200 support for the 50-stock index is crucial. Breaking below this support would further intensify the selling pressure.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the 50-stock index witnessed heavy profit booking for the second consecutive session to close below the 23,400-zone, weakening the bias once again and would need to sustain the important near-term support of the 23,200 zone to maintain the overall bias intact.”
“The Nifty 50 index had found resistance near the 50-EMA at the 24,000 zone and has formed a lower top pattern on the daily chart to weaken the sentiment, with geopolitical tensions once again getting triggered among the market players,” said Parekh.
On the outlook of the Bank Nifty today, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index slipped down further to close near the 53,600 level with bias turning weak and the sentiment maintained with a cautious approach once again with the 53,000-zone positioned as the important support for the coming sessions, which needs to be sustained.
“The Bank Nifty index has formed a lower top pattern, finding resistance near the 50-EMA zone at the 55,300 level, and with profit booking witnessed, has erased the gains in the last 3 sessions,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding , Vaishali Parekh recommended these three : NMDC, IGL, and Coforge.
1] NMDC: Buy at ₹92.35, Target ₹96, Stop Loss ₹90;
2] IGL: Buy at ₹164.50, Target ₹171, Stop Loss ₹161; and
3] Coforge: Buy at ₹1461, Target ₹1515, Stop Loss ₹1430.
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.