Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
The Indian market ended on a positive note amid volatility on May 22, with the Nifty hovering around
22,600. The Sensex was up 267.75 points or 0.36 percent at 74,221.06, while the Nifty gained 68.80
points or 0.31 percent to reach 22,597.80.
Should the Nifty index manage to sustain a close above the 22,600 level, it may extend its upward
trajectory towards the 22,800 and 23,000 levels in the forthcoming sessions. The Relative Strength Index
(RSI) stands at 59.12, indicating an uptick from oversold territory and signaling growing bullish
momentum. Conversely, the levels of 22,000 and 21,900 are anticipated to act as support levels.
An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,500 level,
implying potential support at this level. On the call side, significant OI concentrations are observed at
the 23,000 and 23,100 levels, nearing all-time highs.
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