IGI Logo

Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking

On March 19, Indian equity indices experienced a 1 percent decline, with the Nifty closing at 21,817.50 amid widespread selling across various sectors. At the close of trading, the Sensex was down by 736.37 points or 1.01 percent, settling at 72,012.05, while the Nifty was down by 238.20 points or 1.08 percent.

The Nifty breached its daily trendline, closing below the 21,850 level and forming a bearish candlestick with significant volume, indicating sustained bearish pressure likely pushing towards the 21,600 level, which serves as immediate support. Conversely, the 22,000 level acts as an immediate hurdle for long positions. Additionally, prices are trading below both the 20 and 50 EMA, signaling further bearishness.

Major losers on the Nifty included TCS, BPCL, Tata Consumer Products, Tata Consumer, and Nestle India, while gainers were Bajaj Finance, Bajaj Auto, Kotak Mahindra Bank, Hindalco Industries, and Bharti Airtel.

All sectoral indices closed in the red, with Healthcare, IT, FMCG, Capital Goods, Oil & Gas, and Power sectors experiencing declines ranging from 1 to 2 percent. The BSE Midcap and Smallcap indices also shed 1 percent each.

Analysis of the Open Interest (OI) data revealed the highest OI on the call side at the 22,000 strike price, followed by the 22,200 strike price. On the put side, the highest OI was observed at the 21,500 strike price.

Above views are of the author and not of the website kindly read disclaimer