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

Indian benchmark indices experienced a volatile trading session. After a gap-up opening, the Nifty index failed to sustain higher levels, with selling pressure dragging it lower to close below the 24,800 mark. The Sensex declined by 73.47 points, or 0.09%, to end at 81,151.28, while the Nifty fell by 72.95 points, or 0.29%, closing at 24,781.10.

On the daily chart, the Nifty index faced selling pressure at higher levels and formed a strong bearish candle, closing below the 24,800 mark. This indicates weakness in the market and suggests a continuation of the downtrend. Immediate support is established at 24,700; if this level is breached, it could lead to a decline toward the 24,500–24,200 range. On the upside, resistance is noted at 24,900–25,100, where selling pressure could re-emerge. A "sell-on-rise" strategy is advisable, with stop-losses above these resistance levels. Traders should closely monitor the 24,700 level, as a breach here could confirm further downside momentum. Until the index decisively moves above 25,200, the risk of additional selling remains high. Caution is recommended, along with strict risk management in this volatile environment.

On the sectoral front, Auto, and Financial were the key contributors, supporting the market by closing flat to positive. In contrast, the Media, Metal, Real Estate, and IT sectors were the major laggards, registering declines ranging from 1.29% to 2.83%. The broader indices also reflected negative sentiment, with the Nifty Midcap 100 index declining by 1.66% and the Nifty Small Cap 100 index down by 1.47%.

The India VIX increased by 5.56% to 13.7625, indicating a rise in market volatility and growing uncertainty, which could lead to increased price fluctuations. This makes it important for traders to remain cautious. Open Interest (OI) data shows the highest OI on the call side at the 24,900 and 25,000 strike prices, signaling strong resistance levels. On the put side, OI is concentrated at the 24,700 and 24,500 strike prices, highlighting these as key support levels.

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