Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
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Below the Quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
On May 21st, Indian benchmark indices ended flat in a volatile session. At close, the Sensex was down 52.63 points or 0.07 percent at 73,953.31, and the Nifty was up 27.00 points or 0.12 percent at 22,529.
On the daily chart, Nifty formed a bullish engulfing candlestick pattern with good volume, indicating strength in the Nifty Index. If the price closes above the 22,600 level, it may further rise to 22,800 and 23,000 in the coming days. On the flip side, 22,350 and 22,200 act as strong support levels. The RSI at 57 indicates strength in the index. Overall, the strength continues in Nifty, and the market appears ready for a new all-time high.
An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,400 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 23,000 and 23,200 levels, nearing all-time highs.
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