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The Indian stock market closed in the negative territory today, with the Sensex falling by 479 points, a decrease of 0.73 percent, to close at 65,515. The Nifty index also saw a decline of 0.72 percent intraday and closed at 19,512.3 points. The Bank Nifty index performed even worse, dropping by 1.07 percent and settling at 43,886 points.

The Nifty opened with a gap down and experienced volatile price movements throughout the day. In the first half of the trading session, it saw a decline, but in the second half, it witnessed a pullback, ultimately closing above the intraday lows of 19,480.5. In the Nifty index, the range of 19,500-19,480 is now a crucial level, and a breach below this range could indicate bearish sentiment, with potential support levels at 19,400 and 19,350.

Looking at the daily chart of the Bank Nifty, it appears to have formed a double top pattern and is currently trading near support levels. If the price breaks below the support level at 43,800, it may signal a bearish trend, with possible lower targets at 42,000 and 41,400 in the short term.

All sectoral indices ended in the red today, with Nifty PSU Bank and Nifty Media experiencing declines of more than 2.4 percent. Dr. Reddy's and HCL Tech were the top gainers, while Adani Ports and Hero MotoCorp were the top losers.

The India VIX, a measure of market volatility, increased by 10.68 percent intraday and settled at 11.40.

In terms of options data, for the Nifty index, the highest Open Interest (OI) was observed at the 19,800 strike price, followed by the 19,600 strike price on the call side. On the put side, the highest OI was at the 19,000 strike price. For the Bank Nifty, support levels are seen at 43,720-43,600, while resistance levels are placed at 44,400-44,500.

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