The Indian market ended lower on June 22 amid negative global cues. Sensex fell 709 points to 51,822 and Nifty ended 225 points lower at 15,413.
The market cap of BSE-listed firms fell to Rs 237.19 lakh crore on Wednesday against Rs 240.66 lakh crore market cap in the previous session. Tata Steel, Wipro, Reliance, and IndusInd Bank were the top Sensex losers, falling up to 5.24 per cent. TCS, HUL, PowerGrid and Maruti were the Sensex gainers, rising up to 0.31 per cent. All 19 BSE sectoral indices ended in the red.
Metal and consumer durables stocks were the top sectoral losers with their BSE indices ending 785 pts and 586 points lower, respectively.
Here's a look at what analysts said about the direction the market is likely to take today.
Deepak Jasani, Head of Retail Research, HDFC Securities
"Markets have fallen sharply on below normal volumes, suggesting a lack of adequate buying to offset the selling pressure. Now, Nifty has support at 15293-15350 band while on up moves, it could face resistance from 15,565 and later 15,670."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"For traders, 15,500 would act as an immediate resistance level, above which it could rally till 15600-15650. On the flip side, 15350 could be the key support level to watch out for. Below the same, the index could slip till 15,250-15,200."
Rupak De, Senior Technical Analyst at LKP Securities
"On the higher end, 15,500 remains a level of resistance. The trend is likely to remain weak as long as the Nifty remains below 15,500. On the lower end, support is visible at 15,300."
Om Mehra, Research Associate, Choice Broking
"Nifty may find support around 15,200 levels while on the upside 15,600 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32,200 levels while resistance at 33,500 levels. Overall, index remains on the weaker side, sell on rising and working with options strategy would be suggested to counter volatility."
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