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

the Indian benchmark indices witnessed a strong gap-up opening and traded sideways throughout the session, ultimately ending with significant gains. The Sensex surged 1,577.63 points (2.10%) to close at 76,734.89, while the Nifty climbed 500 points (2.19%) to settle above the 23,300 mark at 23,328.55.

On the daily chart, the Nifty index formed a Hanging Man candle, which indicates potential weakness in the ongoing uptrend and the possibility of profit booking or a short-term reversal if the index fails to hold above key support levels. Despite this, the index ended the session on a positive note, closing above the 23,300 mark. On the downside, 23,000 will act as an immediate and crucial support. A decisive break below this level could trigger renewed selling pressure, potentially dragging the index toward the 22,800–22,500 range. On the upside, immediate resistance is placed at 23,500. A sustained move above this level could attract fresh buying interest, pushing the index toward the 23,800–24,000 zone. Given the heightened global volatility and ongoing tariff-related trade tensions, traders should brace for increased market swings. It is advisable to maintain strict stop-losses and avoid holding overnight naked positions to protect capital amidst the uncertain environment.

On the sectoral front, all sectors managed to hold their gains, with Realty, Auto, Metal, Media, and Financial Services emerging as the top gainers, rising between 2.95% and 5.64%. The broader market indices also witnessed strong buying, with the Nifty Midcap 100 index rising by 2.92% and the Nifty Smallcap 100 index surging by 3.08%.

The India VIX declined by 19.81% to 16.1250, indicating a drop in market volatility and reduced fear among investors. This suggests that traders are expecting relatively stable market conditions in the near term, which often supports a bullish undertone. Open Interest (OI) data shows the highest OI on the call side at the 23,400 and 23,500 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,200 strike price, marking it as a key support level.

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