Buy or sell stocks: Indian equity benchmarks witnessed a sharp selloff on June 23, with broad-based weakness across sectors dragging both indices down by over 1%.
The 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.
Stock market today
On the overall market outlook, Sumeet Bagadia, Executive Director at Choice Broking, said 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. Nifty and Bank Nifty registered their respective intraday highs during the first half but failed to sustain gains, resulting in heavy profit booking and closing near their respective day’s lows.
Bagadia noted that the 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. Broader market breadth remained decisively negative, with declines significantly outnumbering advances, reflecting widespread selling pressure across the broader market.
“Going forward, the key support zones mentioned above will remain crucial for market stability. A sustained move above the immediate resistance levels will be required to revive bullish momentum, while any breach of support zones could keep the indices under pressure in the near term,” he said.
Nifty 50
On the outlook, Bagadia explained that the Indian equity benchmark Nifty index witnessed a negative close on 23 June 2026. The 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. After the weak opening, the index managed to recover and registered its intraday high of 24,135.50 during the first half of the trading session. However, selling pressure intensified towards the latter part of the first half and persisted throughout the remainder of the day. 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 the session with a loss of 278.80 points or 1.16%.
According to Bagadia, 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 and that market sentiment weakened considerably.
“From a technical perspective, immediate support is placed in the 23,650–23,700 zone, while resistance is observed in the 24,050–24,100 range. The Relative Strength Index (RSI) stands at 51.91, indicating that momentum has moderated from higher levels but continues to remain above the midpoint. In the derivatives segment, notable call writing was observed at the 23,900 and 24,000 strikes, while put writing was concentrated at the 23,600 and 23,500 levels, indicating immediate resistance near the 23,900–24,000 zone and support around lower strike levels,” Bagadia said.
Bank Nifty
Meanwhile, on the Bank Nifty outlook, he said 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. After the opening, the index registered its intraday high of 57,970.90 during the first half of the session. However, selling pressure intensified towards the latter part of the first half and continued 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 the session with a loss of 751.85 points or 1.30%.
Bagadia noted that on the daily timeframe, Bank Nifty formed a bearish marubozu-like candlestick pattern, indicating strong selling pressure and decisive dominance of bears throughout the session. The absence of any meaningful recovery from lower levels highlights weakness across the banking segment.
“From a technical perspective, immediate support is placed in the 56,500–56,800 zone, while resistance is observed in the 57,900–58,100 range. The Relative Strength Index (RSI) stands at 60.97, indicating that momentum remains positive from a broader trend perspective despite the sharp correction witnessed during the session,” he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five on Wednesday, 24 June: Ather Energy, Gland Pharma, Shivalik Bimetal Controls, Sansera Engineering Limited, and Talbros Automotive Components.
1] Ather Energy: Buy at ₹1007, Target ₹1100, Stop Loss ₹950
Ather Energy is showing positive momentum while trading around ₹1007, supported by a well-defined higher high–higher low formation on the daily chart. The stock is trading above all key EMAs, indicating a strong trend structure and sustained buying interest. RSI is at 56.39 and has bounced back after taking support near the midpoint, signalling improving momentum and strengthening bullish sentiment. The overall technical setup remains constructive and suggests the potential for further upside. Traders may consider Buy at ₹1007 with a strict stop loss at ₹950 for a potential upside target of ₹1100, while maintaining disciplined risk management.
2] Gland Pharma: Buy at ₹2298, Target ₹2500, Stop Loss ₹2179
Gland Pharma is showing strong bullish momentum after breaking above its previous swing high resistance on the weekly chart and sustaining above the breakout zone, indicating continuation of the broader uptrend. Currently trading around ₹2298, the stock recently witnessed a bullish golden crossover and has since taken support near its 20-day EMA before bouncing higher, reflecting strong accumulation and buying interest on declines. The stock continues to trade above all key EMAs, reinforcing the positive trend structure and underlying strength. Based on the current technical setup, traders may consider Buy at ₹2298 with a strict stop loss at ₹2179 for a potential upside target of ₹2500, while maintaining disciplined risk management.
3] Shivalik Bimetal Controls: Buy at ₹776, Target ₹850, Stop Loss ₹736
Shivalik Bimetal Controls is showing strong bullish momentum while trading near its all-time high around ₹776, reflecting sustained buying interest and a robust price structure. The stock recently took support near its 20-day EMA and bounced back, indicating accumulation on dips and continuation of the prevailing uptrend. RSI is near 66 and has rebounded after holding above the midpoint, signalling strengthening momentum and positive trend strength. Based on the current technical setup, traders may consider Buy at ₹776 with a strict stop loss at ₹736 for a potential upside target of ₹850, while maintaining disciplined risk management.
4] Sansera Engineering Limited: Buy at ₹3120, Target ₹3400, Stop Loss ₹2985
Sansera Engineering Limited displays an exemplary breakout from a high-level consolidation zone on the daily chart, triggering a fresh impulsive leg upward. The stock maintains an incredibly clean structural posture, trending smoothly well above its ascending 20, 50, 100, and 200-day exponential moving averages to highlight persistent long-term institutional backing. Simultaneously, the daily relative strength index is pushing into bullish territory near 69, confirming robust upside acceleration with further room to expand before reaching extreme overbought conditions. Driven by this immaculate flag breakout, the equity is technically primed to target the 3400 level. To protect against potential market pullbacks, a strict stop loss must be positioned at 2985.
5] Talbros Automotive Components: Buy at ₹377, Target ₹400, Stop Loss ₹360
Talbros Automotive Components has been exhibiting strong price resilience after a sharp rally from the ₹224 region and is currently trading around ₹377. The stock has been consolidating near its recent all -time highs and continues to hold above the breakout zone, indicating sustained buying interest and accumulation at higher levels. Technically, the stock is trading well above its 20-day, 50-day, 100-day and 200-day EMAs, with all major averages sloping upward, reflecting a strong bullish trend across timeframes.
RSI is hovering near 68, suggesting healthy momentum and continued strength without extreme overbought conditions. The ₹360 zone remains an important support and stop-loss level. A sustained move above ₹support zone could attract fresh buying momentum and potentially drive the stock towards the ₹400 target in the near term.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.