Post-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
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Indian benchmark indices ended marginally lower in a volatile session on July 23. At the close, the Sensex was down 73.04 points or 0.09 percent at 80,429.04, and the Nifty was down 30.30 points or 0.12 percent at 24,479.00.
On Budget day, the Nifty fell almost 500 points from its day high. However, post-budget, the Nifty recovered 470 points from its day low, indicating strong bullish momentum that is expected to continue in the upcoming days. If the index manages to close above the 23,500 and 23,600 levels, it could reach new all-time highs. The immediate resistance is at 24,800, while 24,200 and 24,000 act as immediate support levels. If these major support levels break, the index may further correct down to the 50 EMA, which is at the 23,650 level.
The market is expected to remain highly volatile. Investors should hold their positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish.
The India VIX, a gauge of market volatility, decreased by 17.43 percent intraday to settle at 12.7475, indicating increased market uncertainty. In terms of Open Interest (OI) data, the highest OI on the call side was observed at the 24,800 and 25,000 strike prices, while on the put side, it was at the 24,300 strike price.
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