IGI Logo

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

Indian benchmark indices ended marginally lower in a volatile session on July 22. At close, the Sensex was down 79.43 points or 0.10 percent at 80,525.22, and the Nifty was down 21.60 points or 0.09 percent at 24,509.30.

The Nifty, after a gap-down opening, rebounded from the day's low, rallying 231 points and finally settling higher at 24,515.9. The 24,400 level acts as an important support; if broken, it could further correct down to the 24,200 and 24,000 levels. On the flip side, the 24,700 and 24,800 levels act as immediate resistance. Tomorrow is Budget day, so the market is expected to remain highly volatile. Investors and traders should hold their positions with trailing stop-losses and proper risk management.

On the sectoral front, the auto, capital goods, healthcare, metal, and power indices each went up by 1 percent, while selling was seen in the media, bank, IT, realty, and FMCG sectors. The BSE midcap index added 1.3 percent, and the smallcap index rose 0.8 percent.

The India VIX, a gauge of market volatility, rose by 4.13 percent intraday to settle at 15.4375, 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 24,000 strike price. 

Above views are of the author and not of the website kindly read disclaimer