IGI Logo

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

Indian equity indices ended on a flat note amid volatility on August 26. At the close, the Sensex was up 13.65 points or 0.02 percent at 81,711.76, and the Nifty was up 7.20 points or 0.03 percent at 25,017.80.

On the daily chart, Nifty formed a neutral candlestick pattern at its all-time high level, indicating indecision. Additionally, the formation of a double top pattern suggests a potential reversal. If the price closes below the 24,900 level, further correction could lead to levels of 24,800 and 24,700. On the flip side, if the index crosses its all-time high, it could potentially rise to 25,200 and 25,400. Bank Nifty recently broke out of a falling trend line, which could potentially pull Nifty upwards as well.

On the sectoral front, energy, metal, and FMCG sectors were down by 0.5-1 percent, while banking, capital goods, healthcare, IT, realty, pharma, and media sectors were up by 0.2-4 percent. The BSE Midcap and Smallcap indices rose by 0.5 percent each.

The India VIX was positive, rising by 1.18 percent intraday and settling at 13.6325, indicating increased volatility. The index has support around 24,900. In the Open Interest (OI) data, the highest OI on the call side was observed at the 25,300 and 25,500 strike prices, while on the put side, the highest OI was at the 24,800 strike price.

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