Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
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On March 11, benchmark indices concluded the trading session with Nifty closing below 22,350. The Sensex recorded a decline of 616.75 points or 0.83 percent at 73,502.64, while the Nifty saw a decrease of 160.80 points or 0.71 percent, closing at 22,332.70.
The daily chart for Nifty displayed a bearish engulfing pattern with significant volume, indicating bearish pressure. In the event of the price breaching the 22,220 level, the next support is identified near the 22,000 level. Conversely, the immediate resistance for Nifty is noted at 22,500.
All sectoral indices ended in negative territory, with auto, capital goods, FMCG, oil & gas, bank, Information Technology, realty, metal, and power experiencing declines of 0.5-1 percent each. The BSE mid-cap index saw a marginal decline of 0.2 percent, while the small-cap index fell by 2 percent.
Upon analyzing the Open Interest (OI) data, the call side exhibited the highest OI at 22,500, followed by the 22,600 strike prices. In contrast, on the put side, the maximum OI was observed at the 22,000 strike price.
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