On June 8, the Nifty 50 index declined by 1%, closing at 23,123, marking a two-month low and continuing its downtrend. The bearish sentiment was reinforced as the index fell below key moving averages and the lower Bollinger Band. Immediate support is identified at 23,000, while resistance is seen at 23,300. A breach below 23,000 could lead the index towards 22,700. The Bank Nifty also saw a 0.8% drop, closing at 54,064, with support at 54,000 and resistance at 54,355. Options data indicates that the 23,500 strike has the highest Call open interest, suggesting it may act as a resistance level. Conversely, the maximum Put open interest is at the 22,500 strike, which could serve as key support. The Nifty Put-Call ratio fell to 0.78, reflecting a bearish market mood, while India VIX increased to 17.03, indicating potential volatility. Overall, traders should remain cautious and monitor these key levels for potential trading opportunities.