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Below the Quote on Post-Market Comment by Hardik Matalia,  Derivative Analyst, Choice Broking

The Indian benchmark indices opened with a gap-up but faced rejection at higher levels, leading to a pullback and sideways movement throughout the day. The Nifty index closed on a flat note, slightly below the 22,550 mark. The Sensex inched up by 10.31 points (0.01%) to settle at 74,612.43, while the Nifty declined by 2.50 points (0.01%) to close at 22,545.05. 

On the daily chart, the Nifty index formed a small-bodied bearish candle with long upper and lower wicks, indicating indecision and volatility in the market. This pattern suggests that despite attempts by both bulls and bears to take control, neither side could sustain dominance, leading to a neutral close. On the downside, 22,500 is expected to act as a key support level, and a breakdown below this mark could accelerate selling pressure toward the 22,300–22,000 zone. On the upside, immediate resistance is seen at 22,700, with a crucial hurdle near 22,800. To halt the ongoing downtrend, the Nifty must sustain above 22,800, which could then pave the way for an upward move toward the 23,200–23,500 range. Given the heightened volatility, traders are advised to maintain strict stop-loss measures and avoid overnight positions to protect capital. 

On the sectoral front, the Banking, Metal, and Financial Services sectors posted gains, rising between 0.28% and 0.60%. In contrast, the Media, Realty, and Auto sectors witnessed strong selling, with losses ranging from 1.51% to 3.58%. The broader market indices also came under pressure, with the Nifty Midcap 100 index declining by 1.14% and the Nifty Smallcap 100 index falling by 1.64%.

The India VIX declined 2.97% to 13.3075, reflecting reduced market volatility and a decrease in fear among traders. This indicates improved investor confidence and a more stable trading environment. Open Interest (OI) data shows the highest OI on the call side at the 22,600 and 22,700 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,500 strike price, marking it as a key support level.

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