Stock market today: After coming within kissing distance of an all-time high, the benchmark indices reversed gains on profit-booking in recently outperformed counters, causing the benchmark indices to settle in the red on Monday, June 19. At close, the S&P BSE Sensex stood at 63,168.30, down 216 points, or 0.34 per cent while the NSE's Nifty ended at 18,755.45, down 70.55 points, or 0.37 per cent.

"Since the past three trading sessions, the Nifty has been witnessing large swings in both directions, thus creating volatility. Increasing volatility is a sign of a 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 the 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 ourselves for more volatility in the coming trading sessions. "Critical support levels to keep handy are 18650–18600, and 18880–18900 is the crucial resistance level," said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Broader markets 

Nifty Midcap 100 and Smallcap 100 closed higher. The Nifty Midcap 100 settled at 35,158.05 and the Smallcap 100 closed at 10,769.15. 

Sectoral watch 

Nifty Bank slipped 0.69 per cent or 304.4 points to 43,633.75.

"As far as Bank Nifty is concerned, the index is likely to consolidate in the range of 43400–44500 from a short-term perspective. On the upside, the recent swing high of 44500 is acting as stiff resistance, while on the downside, 43,400, where the 40-day exponential moving average is placed, is acting as crucial support. A decisive move beyond these extremes will lead to a trending move in that direction," said Gedia.

Nifty Auto, Financial Services, Metals, FMCG, and Oil & Gas also closed in the red territory. Conversely, Nifty IT and PSU Bank gave some support to the headline index.

Buzzing stocks 

Shriram Finance gained nearly 5 per cent after a block deal of nearly Rs 1,400 crore. Manappuram Finance scrip ended over 1 per cent higher after the Kerala High Court rejected the first information report (FIR) against the promoter.

On the flip side, Hero MotoCorp shares fell for the third straight session on reports of the Ministry of Corporate Affairs' investigation. PVR Inox stock also closed nearly 2 per cent lower, and 'Adipurush' did not get reviews as expected.

Among the Nifty50 stocks, HDFC Life was the top gainer, followed by Bajaj Finance, Bajaj Finserv, Tech Mahindra, and TCS. Conversely, Adani Enterprises, Kotak Mahindra Bank, Hero MotoCorp, Adani Ports, and Axis Bank ended as the top losers.

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