Indian equity benchmarks witnessed a sharp selloff on June 23, with broad-based weakness across sectors dragging both indices down by over 1%. According to reports from Mint, the Sensex plunged 893 points, or 1.16%, to close at 76,200.68, while the Nifty 50 declined 279 points, or 1.16%, ending the session at 23,824.10. However, markets recovered on Friday, June 25, with the Sensex retreating 703 points from its intraday peak of 77,803.18 before settling at 77,100.47, marking a gain of 109 points, or 0.14%. The Nifty 50 climbed to an intraday high of 24,261.60 but pared gains to close at 24,056, up 34 points, or 0.14% for the day. Sumeet Bagadia, Executive Director at Choice Broking, noted that markets witnessed a sharp corrective session with both benchmark indices opening lower and facing sustained selling pressure after an initial attempt to move higher.
The Nifty index opened with a gap-down of 31.60 points at 24,071.30 compared to the previous close of 24,102.90, reflecting a cautious start to the session. As reported by Mint, the index managed to recover and registered its intraday high of 24,135.50 during the first half of trading, but selling pressure intensified towards the latter part of the session. The sustained decline dragged the index to an intraday low of 23,784.95, and Nifty eventually settled near the day's low at 23,824.10, ending with a loss of 278.80 points or 1.16%. According to Tradebulls Securities, the Nifty has shown resilience by defending the 5 DEMA support zone, demonstrating technical strength despite the weak opening. On June 25, the benchmark Nifty witnessed a positive yet range-bound session, closing above the crucial 24,050 mark and extending its recovery despite volatility associated with the monthly derivatives expiry. The index traded with a firm undertone for most of the session, supported by easing crude oil prices, improving global sentiment, and selective buying in financial and automobile stocks.
The Bank Nifty index opened with a gap-down of 48.85 points at 57,886.75 compared to the previous close of 57,935.60, indicating a subdued start for the banking space. According to Mint, after the opening, the index registered its intraday high of 57,970.90 during the first half of the session, but selling pressure intensified throughout the day. The persistent weakness dragged the index to an intraday low of 57,078.45, and Bank Nifty eventually settled near the day's low at 57,183.75, ending with a loss of 751.85 points or 1.30%. On June 25, Bank Nifty traded with a firm but range-bound undertone, maintaining a firm upward bias and trading with resilience near its recent highs. Market reports highlighted sustained buying in private banking majors and the index's ability to hold gains despite intraday volatility. The near-term structure remains positive, with Bank Nifty sustaining above its key short-term support levels and trading close to its recent swing highs.
Sumeet Bagadia recommends three stocks for Monday, June 29, all priced under ₹100. Morepen Laboratories is recommended at ₹53.16 with a target of ₹57.50 and stop loss at ₹50.80, showing positive momentum with a well-defined higher high–higher low formation. UCO Bank is suggested at ₹27.16 with a target of ₹29.50 and stop loss at ₹26, having broken above previous swing high resistance on the weekly chart. NHPC is recommended at ₹79.40 with a target of ₹86.50 and stop loss at ₹77, trading near all-time highs with strong bullish momentum. These recommendations come as the market showed selective large-cap buying and resilience above key support levels, with improving sentiment driven by softer crude prices and supportive domestic cues.
According to Mint, sectoral performance remained broadly negative with weakness visible across Metals, IT, Financial Services, PSU Banks, Realty and Consumer Durables, while Pharma and Healthcare sectors displayed relative resilience. Bagadia noted that broader market breadth remained decisively negative, with declines significantly outnumbering advances, reflecting widespread selling pressure across the broader market. The Relative Strength Index (RSI) for Nifty stands at 51.91, indicating that momentum has moderated from higher levels but continues to remain above the midpoint. As per Tradebulls Securities, the Nifty has crucial resistance levels at 24,000 (Multiple Touches) and 24,200 (Key Resistance), with the index showing technical strength in defending the current support zone. From a technical perspective, the index has successfully sustained above the 24,000 psychological mark, indicating that buyers continue to defend lower levels aggressively. The 23,850-23,800 zone is expected to act as immediate support, where buying interest has consistently emerged in recent sessions, while the 24,200-24,250 zone remains a key supply area due to previous resistance and options positioning.
