IGI Logo

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

Indian equity indices snapped a three-day winning streak and ended lower, with the Nifty closing at 22,000. At the close, the Sensex was down by 361.64 points or 0.50 percent at 72,470.30, while the Nifty dropped by 92.10 points or 0.42 percent to 22,004.70.

The Nifty is currently trading in a sideways trend within the range of 21,880 to 22,180 levels. The Relative Strength Index (RSI) is also indicating a slowing momentum, currently at 48.55. Both Nifty and Bank Nifty are experiencing bearish pressure, and if the price breaks the 21,950 level, it could potentially decline further towards 21,800 and 21,700 levels. On the flip side, immediate hurdles are seen at 22,200 and 22,400 levels. Today, the Nifty midcap rallied above the 10,500 level and formed a strong bullish engulfing pattern on the daily chart, indicating a bullish reversal in midcap stocks.

Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,100 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price.

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