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Below the Quote on Post Market Comment by Hardik Matalia, Research Analsyt, Choice Broking

Indian benchmark indices witnessed strong buying after a gap-up opening, ending the session on a positive note. The Sensex surged 901.50 points, or 1.13%, to close at 80,378.14, while the Nifty gained 270.75 points, or 1.12%, finishing at 24,484.05.

On the daily chart, the Nifty index formed an inside bar candle in the previous session, signaling consolidation and uncertainty. Today, however, the index broke above this inside bar range, forming a strong bullish candle, which indicates renewed buying interest and a potential trend reversal, reflecting a positive shift in market sentiment. The index closed near the 24,500 mark, reinforcing a bullish outlook in the near term if it holds above this level. After multiple attempts, the index managed to breach the 24,500 mark during intraday trading but ultimately closed slightly below it. If the index sustains above 24,500, it could potentially advance toward the 24,750 level. Conversely, a break below the 24,200 mark could lead to further downside. Traders are advised to initiate fresh long positions only if the index decisively breaks above 24,800. Given the current volatility, exercising caution and adhering to strict risk management practices are essential.

On the sectoral front, all sectors contributed to the market's upward move. IT, Realty, Energy, and Metal led the gains, advancing between 1.59% and 3.99%. This broad-based sectoral support highlighted positive market sentiment, strengthening the overall rally. Broader indices also traded positively, with the Nifty Midcap 100 up 2.21% and the Nifty Small Cap 100 rising 2.18%.

The India VIX declined by 7.78% to 14.8675, indicating reduced market volatility and a potential increase in investor confidence. Open Interest (OI) data reveals the highest OI on the call side at the 24,600 and 24,800 strike prices, representing significant resistance levels. On the put side, OI concentration at the 24,400 and 24,200 strike prices identifies these as key support levels.

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