Taking Stock | Back in the red, Sensex and Nifty down more than 1%; metals top drag

"The short-lived pull-back rally displays the level of uncertainty in today’s market. The weakness in the global market due to quantitative tightening pulled the market down. The US Fed chair’s testimony later in the day will be keenly watched for clues about the central banks’ future dot-plot," said Vinod Nair, Head of Research at Geojit Financial Services.

Hindalco Industries, UPL, Tata Steel, JSW Steel and Wipro were among the top Nifty losers. The gainers were BPCL, Hero MotoCorp, TCS, Maruti Suzuki and Power Grid Corporation.

In now an all-familiar script, all sectoral indices ended in the red. The Nifty metal index was down 4.8 percent, while Nifty bank, pharma, information technology and energy indices were down 1-2 percent.

Stock and sectors

On the BSE, the metal index was the top loser with a 5 percent fall. Capital goods, healthcare, IT, oil & gas, power and realty indices were down 1-2 percent.

The BSE midcap index fell 1.5 percent and the smallcap index shed 1 percent.

A short build-up was seen in Sun TV Network, Hindustan Copper and NALCO, while a long build-up was seen in Indiabulls Housing, Indian Hotels and Concor.

Among individual stocks, a volume spike of more than 200 percent was seen in United Breweries, Dixon Technologies and Sun TV Network.

More than 100 stocks hit their 52-week low on the BSE. These included Axis Bank, IndusInd Bank, UPL, Symphony, SpiceJet, Shipping Corporation Of India, JK Cement and IDFC First Bank.

Outlook for June 23

Deepak Jasani, Head of Retail Research, HDFC Securities

The Nifty on June 22 gave up almost all the gains made on the previous day. Asian shares were mostly lower as markets shrugged off a rally in the US and awaited congressional testimony of Fed chair Jerome Powell.

European stocks hit a fresh one-year low on, as a fall in oil and metal prices hurt commodity-related stocks.

Markets have fallen sharply on below-normal volumes, suggesting lack of adequate buying to offset the selling pressure. Now, the Nifty has support at 15,293-15,350 band, while on upmoves, it can face resistance at 15,565 and 15,670.

Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities

Markets declined once again as panic-stricken investors, taking cues from an early slump in European indices and weakness in other Asian gauges, dumped equities, especially metal, power and realty stocks.

The market is very fragile, as any negative sign is prompting traders to exit stocks at will. Technically, the Nifty has also formed a bearish candle, which suggests further weakness.

On intraday charts, the index has formed non- directional formation, while the texture is suggesting that range-bound activity is likely to continue.

For traders, 15,500 will act as an immediate resistance level, above which it can rally to 15,600-15,650.

On the flip side, 15,350 could be the key support level to watch out for. Below it, the index can slide to 15,250-15,200.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty slipped lower after a volatile trading session. On the higher end, 15,500 remains the level of resistance. The trend will likely remain weak if the Nifty stays below 15,500. On the lower end, support is visible at 15,300.

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