The Indian market ended higher on June 23 amid mixed global cues. Sensex rose 443 points to 52,265 and Nifty ended 143 points higher at 15,556. The market cap of BSE-listed firms rose to Rs 239.64 lakh crore against Rs 237.19 lakh crore in the previous session.
Maruti, M&M, Asian Paints, and Bharti Airtel were the top Sensex gainers, rising up to 6.33 per cent. Reliance, NTPC, PowerGrid, and UltraTech Cements were the Sensex losers, falling up to 1.62 per cent.
Auto and IT stocks were the top sectoral gainers with their BSE indices ending 1,097 pts and 518 points higher, respectively.
Here's a look at what analysts said about the direction the market is likely to take today.
Mohit Nigam, Head-PMS, Hem Securities
"European markets were trading lower after a survey showed euro zone business activity slowed significantly in June, adding to fears of a sharp economic downturn while sliding oil and metal prices hit commodity-linked stocks. On the technical front, 15,300 and 15,700 are immediate support and resistance in Nifty 50. For Bank Nifty 32,600 and 33,500 are immediate support and resistance respectively."
Rupak De, Senior Technical Analyst at LKP Securities
"The daily RSI is in positive divergence. The trend is likely to remain positive in the near term. Support on the lower end is placed at 15,400; a close below 15,400 may induce the resumption of a market sell-off. On the higher end, resistance is visible at 15,600/15,800"
Palak Kothari, Senior Technical Analyst, Choice Broking
"The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggests a northward journey in the counter. The Nifty may find support around 15,200 levels while on the upside 15,700 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32,300 levels while resistance at 33,800 levels. Overall, sector-specific momentum has been observed, crossing above 15,700 can show more upside rally."
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
“Nifty trend remains weak with resistance seen at 15,870 - unless the same is crossed expect weakness to continue. Short-term volatility continues to remain high. Broadly expect pressure to continue while limited stock-specific risk definable opportunities are available. Select Auto, banking, and Midcap energy stocks look attractive from a risk perspective. Expect selling pressure to continue in the metals space.”
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