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

Nifty opened above the 23,000 level, reaching an all-time high of 23,110. However, in the second half of the trading session, it fell by 239 points, nearly 1%, and finally settled below the 23,000 level. Despite this, overall strength is expected to continue in the coming days before election day.

On the daily chart, Nifty formed a bearish candlestick pattern at the all-time high level, indicating profit booking. If the price closes above the 23,000 level, it may further rise to 23,200 and 23,500 in the coming days. On the flip side, the 22,800 and 22,700 levels act as strong support. The RSI at 67 indicates strength in the index. Overall, the strength continues in Nifty.

Among sectors, FMCG, metal, oil & gas, and power were trading in the red, while buying was seen in the bank, IT, and realty sectors. The BSE Midcap index was up 0.7 percent, while the smallcap index traded flat. An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,700 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 23,200 and 23,500 levels.

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