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

Indian equity indices ended on a negative note on December 16, with the Nifty closing below 24,700. At the close, the Sensex was down 384.55 points (0.47 percent) at 81,748.57, and the Nifty was down 100.05 points (0.40 percent) at 24,668.25. 

On the technical front, the Nifty has been consolidating within a narrow range of 24,400 to 24,800 over the past few sessions, indicating sideways movement. A decisive breakout above 24,800 or below 24,400 is likely to determine the next directional move. On the downside, immediate support is seen at 24,500 and 24,400 levels, which may present buying opportunities. Conversely, a breakout above 24,800 could face resistance at the 25,250 and 25,500 levels. 

The BSE Midcap and Smallcap indices were up 0.5 percent each. Among sectors, the Realty index gained 3 percent, the Media index rose 1.5 percent, and the PSU Bank index was up 0.5 percent. In contrast, IT, Metal, and Oil & Gas indices declined by 0.5–1 percent. 

The India VIX, a key measure of market volatility, increased by 7.41 percent to close at 14.02, reflecting heightened market uncertainty. In the derivatives market, open interest (OI) data revealed significant call OI at the 25,000 and 25,500 strike prices, indicating resistance at these levels. Meanwhile, the highest put OI was observed at the 24,000 strike price, suggesting strong support at this level. 

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