In a highly volatile session, the equity markets ended on a negative note on June 19 amid weak global market and selling in most of the sectors.
At close, the Sensex was down 216.28 points or 0.34 percent at 63,168.30, and the Nifty was down 70.50 points or 0.37 percent at 18,755.50.
Despite weak global cues, the market started on a positive note and inched closer to the record high levels, but profit booking erased all the opening gains and finished the session near the day's low.
Stocks and sectors
Adani Enterprises, Kotak Mahindra Bank, Hero MotoCorp, Axis Bank and Adani Ports were among the biggest losers on the Nifty, while gainers included HDFC Life, Bajaj Finance, Bajaj Finserv, Tech Mahindra and TCS.
Among sectors, auto, bank, realty, power, realty and FMCG were down 0.5 percent each, while the PSU bank index rose 1 percent and the Information Technology index added 0.4 percent.
The BSE midcap and smallcap indices ended on a flat note.
A long buildup was seen in Jindal Steel, Shriram Finance and Dr Lal PathLabs, while a short build-up was seen in Adani Enetrprises, Vodafone Idea and Marico.
Among individual stocks, a volume spike of more than 500 percent was seen in BHEL, Shriram Finance and India Cements.
More than 200 stocks touched their 52-week high on the BSE, including Zydus Lifesciences, ABB India, ITC, L&T, One 97 Communications, Texmaco Rail & Engineering, PNB Housing Finance, Cholamandalam Investment and Finance Company, Mazagon Dock Shipbuilders and Exide Industries.
Outlook for June 20
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Risk-off sentiment prevailed in local markets, as sell-off in global equity markets triggered profit-taking in banking, auto, telecom & FMCG stocks. Although India's macro economic indicators seem to be on the right path, global headwinds would fuel bouts of selling at regular intervals.
On intraday charts, the Nifty is holding higher high and higher low series formation, which supports further uptrend from the current levels.
For traders 18,680 would act as a sacrosanct support level. Above the same, the index could retest the level of 18,850-18,900. On the other hand, below 18,680 traders may prefer to exit from the trading long positions, as the index could slip till 18,650-18,610.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty opened on a positive note however as the day progressed it witnessed selling pressure and closed on a negative note. Since past three trading sessions the Nifty has been witnessing large swings in both directions and thus creating volatility. Increasing volatility is a sign of top or bottom and in this case the probability turns in favour of a top. However, it needs to be confirmed by a breach of crucial support zone which currently stands at 18650 - 18600.
Divergent signals from the daily and hourly momentum indicators are also adding to the confusion and thus inducing volatility. Thus, we should brace up for more volatility in the coming trading sessions. Crucial support levels to keep handy are 18650 – 18600 and 18880 – 18900 is the crucial resistance level.
As far as Bank Nifty is concerned, the index is likely to consolidate in the range of 43400 – 44500 from short term perspective. On the upside the recent swing high of 44500 is acting as a stiff resistance while on the downside 43400 where the 40-day exponential moving average is placed is acting as a crucial support. A decisive move beyond these extremes shall lead to a trending move in that direction.
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