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

Indian equity markets ended marginally higher in a volatile session on February 17. The Sensex closed up 57.65 points (0.08%) at 75,996.86, while the Nifty gained 30.25 points (0.13%) to settle at 22,959.50. 

The Nifty opened with a 62-point gap down but recovered strongly from the day's low of 22,725.45, forming higher lows on the daily chart. The price action resulted in a bullish piercing pattern with significant volume, indicating potential reversal. Immediate support is seen at 22,800, and if the index fails to hold above this level, further downside toward 22,600 and 22,400 is possible. On the upside, 23,000 and 23,200 are key resistance levels, with a strong close above 23,200 signaling a bullish reversal. 

After eight consecutive days of selling pressure, Nifty formed a bullish candle at support levels, suggesting potential recovery. RSI (39.05) and Stochastic RSI are near oversold territory, indicating possible upside momentum. 

India VIX has cooled off from its recent high of 15.7225, reflecting reduced volatility and improving sentiment. Open Interest (OI) data shows strong support at 22,800 and 22,600, with the highest Put OI at these levels. On the upside, 23,300 and 23,500 hold the highest Call OI, indicating stiff resistance. A decisive breakout above 23,500 could trigger short covering and fresh buying, pushing the index toward higher levels.

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