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

Closing Market Summary 13th Feb 2024

In the recent session, the Indian equity market recovered most of its losses and closed higher, with the Nifty surpassing 21,700, driven by strength in banking stocks. At the closing bell, the Sensex recorded a gain of 482.70 points or 0.68 percent at 71,555.19, while the Nifty rose by 127.30 points or 0.59 percent, closing at 21,743.30. The Nifty Bank index also rebounded, closing at 45,502.40, reflecting a gain of 1.38 percent.

On the daily chart, the Nifty displayed a reversal from the bottom level and formed a hammer candlestick pattern with substantial volume, closing above the daily trendline. The Relative Strength Index (RSI) exhibited an upward slope at 53.2, indicating sideways bullish momentum. Immediate support levels are identified at 21,500-21,400, while hurdles are anticipated at 21,900 and 22,000.

Among sectors, all indices, except for metals (down 2 percent), concluded in the green, with banking, healthcare, information technology, and capital goods showing gains ranging from 0.4 to 1.5 percent.

The India VIX (Volatility Index) experienced an intraday decrease of 15.80 percent, settling at 16.06, suggesting heightened market volatility.

Upon analyzing the Open Interest (OI) data, the call side displayed the highest OI at 21,900, followed by the 22,000 strike prices. On the put side, the maximum OI was observed at the 21,500 strike price.

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