IGI Logo

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

On March 5, Indian benchmark indices concluded the trading session with a downward trajectory, experiencing volatility, and the Nifty hovering around 22,350. The Sensex closed lower by 195.16 points or 0.26 percent at 73,677.13, while the Nifty recorded a decline of 49.30 points or 0.22 percent, settling at 22,356.30.

Following a test of its robust support at 22,300, the index displayed another DOJI candlestick pattern, suggesting a state of indecision between the bulls and bears. If the price breaches the 22,460 level, there exists potential for a further upward movement towards 22,600 and 22,700. Conversely, the immediate support for the Nifty is identified at 22,300.

The sectoral performance exhibited a mixed trend, with the auto index gaining 1.3 percent, PSU Bank index rising by 2.5 percent, and oil & gas, power, and realty indices each registering a 0.5 percent increase. However, the IT and FMCG indices faced declines of 1 percent each. The BSE midcap index concluded flat, while the smallcap index experienced a 0.6 percent decline.

Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. Conversely, on the put side, the maximum OI was observed at the 22,200 strike price.

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