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

On July 18, the Indian equity market closed higher for the fourth consecutive session, with the Nifty ending at 24,800. The Sensex finished up 626.91 points or 0.78 percent at 81,343.46, while the Nifty rose 187.80 points or 0.76 percent to 24,800.80.

On the daily chart, the index formed a Bullish Engulfing candlestick pattern at record high levels, signaling a continuation of the bullish trend. Immediate support is seen near the 24,500 level, with the 24,000 level serving as major support. On the upside, resistance levels are noted at 25,300 and 25,500.

Sector-wise, banks, auto, IT, FMCG, and telecom sectors gained between 0.3% to 2%, while capital goods, metals, power, and media sectors declined by 1% to 3.5%. Both the BSE midcap and smallcap indices fell by 1% each.

The India VIX, a gauge of market volatility, rose by 2.02% intraday to settle at 14.5100, indicating decreased market apprehension. In terms of Open Interest (OI) data, the highest OI on the call side was observed at the 25,000 and 25,300 strike prices, while on the put side, it was at the 24,500 strike price.

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