Post-market comment by Mandar Bhojane, Choice Broking
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Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking
On March 18, Indian benchmark indices closed on a positive note amidst a volatile trading session, with the Nifty hovering around 22,050. At the close, the Sensex gained 104.99 points or 0.14 percent, reaching 72,748.42, while the Nifty rose by 32.40 points or 0.15 percent to settle at 22,055.70.
The Nifty initially started negatively, touching a low of 21,916.55. However, it rebounded strongly from support levels, rallying over 200 points to reach a high of 22,123.70. Eventually, it closed near the 22,051.50 mark. Over the past three trading sessions, the Nifty has been trading within a sideways range, fluctuating between 21,900 and 22,200 levels, indicative of consolidation. The Relative Strength Index (RSI) stands at 48.58, signaling sideways momentum.
A closer look at the daily chart reveals a price breakdown followed by a retest of the daily trendline, accompanied by significant volume, suggesting a potential bounce after a sharp decline and trading within a range. Immediate support levels are identified near 21,900 and 21,800. Conversely, a robust close above 22,200 indicates the possibility of reaching a new all-time high in the coming days.
The India VIX showed a positive movement of 1.50 percent during intraday trading, settling at 13.8950.
Upon analyzing the Open Interest (OI) data, the call side displayed the highest OI at the 22,200 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 21,800 strike price.
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