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

Indian benchmark indices erased previous session gains and ended lower on July 10, with the Nifty falling below 24,350. At the close, the Sensex was down 426.87 points or 0.53 percent at 79,924.77, and the Nifty was down 108.70 points or 0.44 percent at 24,324.50.

On the daily chart, the index has formed a Bearish Engulfing candlestick pattern at record high levels, indicating a potential trend reversal. The 24,000 level acts as major support; if the price breaks below this level, it may further correct to 23,800 and 23,600 levels. On the flip side, the 24,400 level acts as resistance.

Among sectors, auto, bank, capital goods, IT, telecom, media, and metal declined by 0.4-2 percent, while FMCG, healthcare, power, and oil & gas ended in the green. The BSE midcap index was down 0.2 percent, while the smallcap index shed 0.7 percent.

The India VIX, which measures market volatility, increased by 1.07 percent intraday, settling at 14.4325, indicating reduced market fear. Regarding the Open Interest (OI) data, on the call side, the highest OI was observed at the 24,500 and 24,600 strike prices, while on the put side, the highest OI was at the 24,000 strike price.

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