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

On March 20, Indian benchmark indices closed with marginal gains amidst a volatile session. At the close, the Sensex was up 89.64 points or 0.12 percent at 72,101.69, while the Nifty gained 21.60 points or 0.10 percent, closing at 21,839.10.

The Sensex and Nifty ended higher amid volatility ahead of the Fed meeting outcomes. After a flat positive start, the Nifty experienced a dip near the 21,700 level, reaching a low of 21,710.65, then bounced back above 21,900, peaking at 21,930 before closing at 21,855.10. The daily chart showed the formation of a doji candlestick, indicating continued bearish pressure in the market.

Technical analysis suggests that the Nifty has broken down daily trend line, hinting at a potential reversal of the uptrend. Furthermore, it has dipped below the critical short-term moving average, signaling weakening momentum. The Relative Strength Index (RSI) has also displayed a bearish crossover, indicating mounting selling pressure. Key levels to monitor include resistance at 22,000 and support at 21,700. A breach below 21,700 could trigger further correction towards the 21,600 levels.

Examination of the Open Interest (OI) data reveals the highest OI on the call side at the 22,000 strike price, followed by the 22,300 strike price. On the put side, the highest OI was observed at the 21,500 strike price.

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