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

Indian benchmark indices concluded on a positive note, with the Nifty reaching a fresh record high. At the close, the Sensex surged by 354.45 points or 0.47 percent, settling at 75,038.15, while the Nifty climbed by 111.00 points or 0.49 percent, reaching 22,753.80.

The Nifty commenced the session with a gap up opening and steadily advanced throughout the day, ultimately securing gains of approximately 111 points. Notably, it concluded above the previous swing high of 22,768.4, indicating a bullish sentiment.

Both the daily and hourly momentum indicators exhibited a positive crossover, signaling a buy opportunity. Additionally, the daily Bollinger bands displayed an expansion, suggesting increased range, and with prices trending along the upper band, the possibility of sustained upward movement in the forthcoming trading sessions is implied.

Regarding resistance levels, the immediate hurdle stands at 22,800, with further potential upside momentum likely towards 23,000. On the downside, support is observed at 22,650 – 22,600.

Analyzing the Open Interest (OI) data, the call side exhibits the highest OI at 23,000, followed by the 22,900 strike prices, serving as robust resistance levels for the Nifty. Conversely, the highest OI on the put side is observed at the 22,700 strike price, indicating a support level. This data suggests a sideways movement scenario for the Nifty.

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