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

the Indian equity markets closed on a weak note after a volatile trading session, with the Nifty slipping below the 23,250 mark, following a bearish trend. The Sensex declined by 749 points but recovered 500 points to close at 77,186, while the Nifty also rebounded by 138 points after an initial fall of nearly 250 points, settling at 23,361. The markets opened on a bearish note and maintained a downward trend, with the Nifty trading below the previous close of 23,482.

Despite briefly breaching its intraday support at 23,260, the Nifty managed to close above 23,300, forming a bullish hammer candle on the daily chart, signaling a potential reversal in sentiment. If the index sustains above the 23,500 level, it may witness an upward move toward the 23,800–24,000 range. On the downside, immediate support is seen at 23,180 and 23,000, levels that could present attractive buying opportunities for traders.

Among the biggest Nifty losers were L&T, ONGC, Bharat Electronics, Tata Consumers, and Coal India, while Bajaj Finance, M&M, Wipro, Shriram Finance, and Bajaj Finserv emerged as top gainers. On the sectoral front, Consumer Durables (+0.5%) and IT (+0.7%) were the only indices to end in the green, whereas all other sectors closed lower. The Capital Goods index declined by 4%, while Energy, Metal, Oil & Gas, Power, and PSU indices fell by 2-3%.

India VIX, a key measure of market volatility, rose by 1.83% to 14.35, indicating increased market uncertainty. In the derivatives market, open interest (OI) data showed the highest OI on the call side at the 23,500 and 23,600 strike prices, while the put side saw the highest OI at the 23,300 strike price. This suggests that Nifty is facing resistance near 23,500, with traders positioning for further gains if the index sustains above this key level.

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