Sensex ends 443 points higher, Nifty ends above 15,500; here's a look at the outlook

Sensex ends 443 points higher, Nifty ends above 15,500; here's a look at the outlook

The Indian market ended up being higher on June 23 amid mixed global cues. Sensex rose 443 points to 52,265 and Nifty ended up 143 points higher at 15,556. The market cap of BSE listed firms rose to Rs 239.64 lakh crore against Rs 237.19 lakh crore in the previous session.

Maruti, M&M, Asian Paints and Bharti Airtel, and Maruti were the top Sensex gainers, rising up to 6.33 per cent. Reliance, NTPC, PowerGrid, and UltraTech Cements were the Sensex losers, falling up to 1.62 per cent.

Auto and IT stock prices were the top sectoral gainers with their BSE indices ending at 1,097 pts and 518 points higher.

Here's a look at what analysts said about the direction the market is going to take today.

European markets were trading lower after a survey showed euro zone business activity slowed significantly in June, adding to fears of a sharp economic downturn while falling oil and metal prices hit commodity-linked stocks. The technical front is 15,300 and 15,700, and there is immediate support and resistance in Nifty 50. For Bank Nifty 32,600 and 33,500 there is immediate support and resistance. The daily RSI is in positive divergence. The trend is likely to remain positive in the near term. Support at the lower end is at 15,400, and a close below 15,400 may cause the resumption of a market sell-off. The momentum indicators Stochastic is trading with a positive crossover on a daily chart, which suggests a northward journey in the counter. The Nifty may find support around 15,200 levels, while on the upside 15,700 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32,300 levels and resistance at 33,800 levels. There is a chance that a cross above 15,700 can show more upside rally, as seen by the sector-specific momentum. Nifty trend remains weak with resistance seen at 15,870 - unless the same is crossed expect weakness to continue. The short-term volatility continues to be high. Broadly expect pressure to continue while limited stock-specific risk definable opportunities are available. From a risk perspective, select Auto, banking, and Midcap energy stocks look attractive.