Nifty ends below 15,700 amid volatility; auto stocks outperform

Benchmark indices ended lower in a volatile session on June 23 with Nifty closing below 15,700. At close, Sensex was down 282.63 points, or 0.54%, to 52,306.08, and the Nifty declined 85.80 points, or 0.54%, to 15,687.

“The market witnessed a very volatile movement in the range of 15700-15850. It is suggested, trading above 15700 is positive from a short-term perspective. If the market closes below 15700, market expects a correction till the level of 15500,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

“The technical indicator suggests, a volatile movement in the market in the range of 15500-15900. As such the traders are advised to refrain from building a fresh buying position until further decisive movement is seen in the market,” he added.

Except auto, all other sectoral indices ended lower with Nifty metal and IT indices slipping 1 percent each. BSE Midcap and Smallcap indices ended in the red, too.

Adani Ports, Wipro, JSW Steel, Divis Labs and L&T were among major losers, while top gainers included Maruti Suzuki, Titan Company, Bajaj Finserv, ONGC and M&M.

Stocks & sectors

On the BSE, metal and oil & gas indices shed 1 percent each, while some buying was seen in the auto names.

Among individual stocks, a volume spike was seen in BEL, Apollo Tyres and United Breweries.

Long buildup was seen in PI Industries, UPL and BEL, while short buildup was seen in SRF, L&T and Axis Bank.

More than 400 stocks, including Titan, Infosys and Oil India, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a bearish belt hold sort of candle on daily scale and closed with losses of around 85 points.

“The index has to hold above 15,700 zones to witness an up move towards 15,800 and 15,900 zones, while on the downside support can be seen at 15,600 and 15,550 zones,” said Chandan Taparia of Motilal Oswal Financial Services.