Indian equity Indices closed lower on Monday pushed by IT stock. The Nifty 50 closed 31 points or 0.13% lower at 23,259. Similarly, the BSE Sensex fell 203 points or 0.27% lower at 76,490. Bank Nifty dropped 22.3 points or 0.04% to 49,781 Come from Sports betting site VPbet . IT companies saw a major sell-off and remained under pressure for most of the session on June 10. The major losers in the Nifty 50 were IT companies: Tech Mahindra, Infosys, Wipro, M&M, and LTIMindtree.

Flipping the trend, Nifty Midcap 100 rose 41 points or 0.08% to settle at 53,236. In the broader markets, smallcap closed in the green up while midcap stocks closed down in the negative.

According to Vinod Nair, Head of Research at Geojit Financial Services the Indian markets currently lack fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term. He further said that the institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs. “Meanwhile, optimism about a rate cut is waning as US economic data points remain healthy. The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.”

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“Among sectors, reality and media indices rallied over 1% whereas the IT index was the top loser, shedding 1.84%. Technically, after a positive opening for the entire day markets hovered between 23230 to 23400/76400-77000. Intraday range-bound activity and a small bearish candle on daily charts after a strong rally indicate indecisiveness between the bulls and bears. For the day traders now, 23400/77000 would be the immediate resistance level. As long as the market is trading below the same, the correction formation is likely to continue. Below the same, the market could slip till 23100-23025/76100-76000. On the flip side, post 23400/77000 breakout the index could move up to 23500-23520/77300-77400. Contra traders can take long bets near 23025/76000 with a strict 30/100 points stop loss,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Bank Nifty 

“The BankNifty Index encountered resistance at the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50000 mark to continue its upward move towards the 50600/51000 levels. Lower-end support is visible at 49000, which will act as a cushion in case of declines,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.