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Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking

The Indian equity markets closed a volatile session with marginal losses as profit booking in the second half erased intraday gains. The benchmark indices opened on a muted note amid mixed global cues, but selective buying in auto, oil & gas, and FMCG sectors provided temporary support. The Sensex ended at 78,472.87, down 67.30 points or 0.09 percent, while the Nifty50 settled at 23,727.65, down 25.80 points or 0.11 percent. 

Market volatility, as indicated by the India VIX, eased by 2.53 percent to close at 13.1775, signaling reduced uncertainty. Despite the muted closing, sectoral strength in key areas helped the indices hold above crucial support levels. 

The Nifty is consolidating within a narrow range of 23,900 to 23,600, reflecting indecision among market participants. Resistance near 23,900 capped gains, while the index managed to hold support at 23,600. A decisive breakout above 24,000 is needed to drive the index higher toward its next resistance levels of 24,200 and 24,400. On the downside, a break below 23,550 could lead to further correction, with support at 23,400 and 23,250. 

Open interest data indicates key levels of interest for traders. Significant call open interest at 24,000 and 24,200 highlights resistance, while maximum put open interest at 23,500 suggests strong support at this level. This points to a range-bound market with directional clarity likely to emerge only after a breakout or breakdown from the current range. 

Overall, the market remains in a consolidation phase, with cautious positioning recommended until a clear trend emerges.

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