The Indian stock market witnessed a sharp decline on Tuesday, June 23, with the Nifty 50 falling 1.16% to settle at 23,824, slipping below the crucial 24,000 level and recording its steepest single-day decline in nearly four weeks. According to reports from Mint, the Sensex also plunged 893 points, or 1.16%, to close at 76,200.68, while the broader market indices — Nifty Midcap 100 and Nifty Smallcap 100 — closed in negative territory as well. The downturn was mirrored by weakness in global markets, with technology stocks coming under heavy selling pressure worldwide. As per Choice Broking's Sumeet Bagadia, markets witnessed a sharp corrective session with both benchmark indices opening lower and facing sustained selling pressure after an initial attempt to move higher.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, noted that the Nifty found resistance near the 24150-24200 zone and witnessed heavy selling pressure in the second half of the session to close near the important 50EMA zone at 23800 level with a big red candle on the daily chart. According to Mint, she indicated that the index would need to sustain the important 23800 zone, failing which downside targets of 23500 and 23200 levels can be anticipated in the coming days. On the upside, the tough resistance hurdle near the 24300 zone remains to be conquered. Bagadia from Choice Broking observed that on the daily timeframe, the index formed a bearish candlestick pattern, indicating strong selling pressure and a loss of bullish momentum. The close near the day's low suggests that sellers remained firmly in control throughout the latter half of the session.
Regarding Bank Nifty, Parekh observed that after finding resistance near the 58000 zone in recent sessions, the index indicated a huge bearish candle with profit booking seen to weaken the bias, closing near the important 200 period MA at 57100 level. According to Mint reports, the index would have the important support positioned near the 50EMA zone at 55700 level which needs to be sustained, with the support for the day seen at 23600 levels and resistance at 24000 levels. The daily range for Bank Nifty is expected to be between 56400-58000 levels. Bagadia noted that Bank Nifty 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. After the opening, the index registered its intraday high of 57,970.90 during the first half of the session, but selling pressure intensified towards the latter part and continued throughout the day, dragging the index to an intraday low of 57,078.45.
Despite the market decline, Vaishali Parekh recommended three intraday stocks for June 24: Mahindra Logistics (buy at ₹380, target ₹400, stop loss ₹370), Reliance Industries (sell at ₹1310, target ₹1298, stop loss ₹1320), and Genus Power Infrastructures (sell at ₹340, target ₹360, stop loss ₹330). As reported by Mint, these recommendations are based on technical analysis and current market conditions, with specific entry points, targets, and risk management levels provided for each stock. Meanwhile, Sumeet Bagadia from Choice Broking recommended five breakout stocks for Wednesday, June 24: Ather Energy (buy at ₹1007, target ₹1100, stop loss ₹950), Gland Pharma (buy at ₹2298, target ₹2500, stop loss ₹2179), Shivalik Bimetal Controls (buy at ₹776, target ₹850, stop loss ₹736), Sansera Engineering Limited (buy at ₹3120, target ₹3400, stop loss ₹2985), and Talbros Automotive Components (buy at ₹377, target ₹400, stop loss ₹360).
