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

On April 4, Indian benchmark indices concluded higher amidst volatile trading, with the Nifty surpassing the 22,500 mark. At the close, the Sensex recorded a gain of 350.81 points or 0.47 percent, reaching 74,227.63, while the Nifty climbed by 80.00 points or 0.36 percent, settling at 22,514.70.

Analysis of the Nifty on the daily chart indicates a recent breakout of a rounding bottom pattern with significant volume. However, the formation of a hanging man candlestick pattern at all-time high levels suggests a potential reversal. Nevertheless, if the index manages to close above the 22,600 level, it could extend its upward movement towards 22,800 and 23,000 in the forthcoming days. On the downside, immediate support levels are seen at 22,300 and 22,200.

Examining the Open Interest (OI) data, the highest OI on the call side is observed at the 22,800 strike price, followed by the 23,000 strike price. Conversely, the highest OI on the put side is seen at the 22,300 strike price.

In terms of sectoral performance, banking, power, and information technology sectors witnessed gains of 0.5-1 percent, while PSU banks and the oil & gas index experienced declines of 0.7-1.6 percent. The BSE midcap index concluded flat, whereas the smallcap index edged up by 0.5 percent.

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