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

Indian equity markets closed higher for the second straight session on December 2, with both the Sensex and Nifty scaling one-month highs. The Nifty crossed the 24,300 mark, buoyed by strong buying in realty, media, and metal sectors. The Sensex climbed 445.29 points or 0.59% to close at 80,248.08, while the Nifty advanced 144.90 points or 0.6% to settle at 24,276.

The trading session started on a subdued note, with benchmark indices moving in a tight range during the first half. However, a surge in buying momentum in the latter half drove the Nifty above the 24,300 level. On the daily chart, the index displayed a robust reversal from the 23,900 zone while forming higher lows, which underscores a bullish trend. Sustaining above the 24,350–24,400 levels could pave the way for a rally toward 24,800 in the near term, while dips toward 24,000 or 23,800 levels are likely to attract fresh buying interest.

Market sentiment received additional support from a 1.91% rise in the India VIX, which settled at 14.70. The decline in volatility signals reduced market uncertainty, fostering a positive outlook. Derivatives data further reinforced this sentiment, with the highest call open interest observed at 24,500 and 24,800, marking significant resistance zones, while the highest put open interest at 24,000 indicated a strong support level.

Overall, the market’s bullish undertone remains intact, with participants closely monitoring the 24,350 level as a key pivot for further upward momentum. Sustained buying interest and favorable technical indicators suggest that the short-term outlook is optimistic, with opportunities to accumulate positions on dips.

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