Benchmark indices ended on a flat note on June 30 amid June derivatives expiry. Sensex ended 8 points lower at 53,018 and Nifty lost 19 points to 15,780 in volatile trade. Tech Mahindra, Bajaj twins were the top Sensex losers, falling up to 2.09 per cent. Axis Bank, SBI, and Kotak Bank were the top Sensex gainers, rising up to 1.74 per cent.
Market breadth was negative with 1,369 stocks ending higher against 1,907 stocks falling on BSE. 144 shares were unchanged. Banking stocks were the top sectoral gainers with BSE bankex ending 236 pts higher.
Auto and metal stocks were the top losers with their BSE indices plunging 339 pts and 349 pts, respectively. BSE midcap and smallcap indices declined 162 points and 135 points, respectively. Market cap of BSE-listed firms fell to Rs 243.73 lakh crore today against Rs 244.58 lakh crore in the previous session. .
Here's a look at what analysts said about the direction the market is likely to take today
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"There is so much uncertainty that traders don't want to risk placing huge bullish bets. Technically, from the last three days the market has been witnessing non directional activity. For Nifty, 15,700 could be the key support level and 15900 would act as an important resistance zone. On further decline, the index could fall to 15,600-15,550 levels. Any fresh uptrend is possible only after the index sees 15,900 breakout and above the same it could move up to 16,000-16,050."
Prashanth Tapse, Vice President (Research), Mehta Equities
"The familiar fears of more interest rate increases and the risk of recession continued to haunt investors. Nifty's biggest support is placed at 15,367 and below the same, expect a waterfall of selling. Nifty's major hurdle is seen at 15,927."
Om Mehra, Research Associate, Choice Broking
"The Nifty may find support around 15,700 levels while on the upside 16,000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33,000 followed by 32,700 levels while resistance is placed at 33,800 levels."
Mohit Nigam, Head - PMS, Hem Securities
"On the technical front, Nifty is holding a crucial support zone of 15,700-15,750 and we may see an up move towards 16,000 if it continues to hold this support zone. Immediate support and resistance for Nifty are 15,600 and 15,900 respectively. Immediate support and resistance for Bank Nifty are 32,800 and 33,750 respectively.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today