Post-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
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Indian benchmark indices ended at a record high on July 9, led by buying across the sectors. The Sensex was up 391.26 points or 0.49 percent, closing at 80,351.64, and the Nifty was up 112.70 points or 0.46 percent, ending at 24,433.20.
Nifty opened on a positive note and continued to inch higher throughout the day, closing with gains of 112.65 points. If the price closes above the 24,450 level, it could further rise to the 24,600 and 24,700 levels. Conversely, the 24,200 and 24,000 levels will act as immediate support. The market is expected to remain sideways to bullish and volatile within the 24,000 to 24,500 range.
Except IT and energy, all the sectoral indices ended in the green with auto, FMCG, Healthcare and Realty up 1-2 percent. The BSE midcap and smallcap indices ended on a positive note.
The India VIX, which measures market volatility, increased by 5.0 percent intraday, settling at 14.2800, indicating reduced market fear. Regarding the Open Interest (OI) data, on the call side, the highest OI was observed at the 24,800 and 25,000 strike prices. On the put side, the highest OI was at the 24,000 strike price.
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