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Below the Quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

On August 5, Indian benchmark indices shed more than 2.5 percent, with Nifty closing at 24,050. The Sensex was down by 2,222.55 points or 2.74 percent, settling at 78,759.40, and the Nifty was down by 662.10 points or 2.68 percent, closing at 24,055.60.

Nifty opened with a huge gap down of 450 points due to global market influences, breaking the crucial 24,000 level and making a low of 23,893.70. After a volatile session, it finally settled above the 24,000 level at 24,055. On the daily chart, the price is taking support at the 50 EMA, which acts as a support level. If the price closes below the 24,000 level, it may further correct to the 23,800 and 23,600 levels. On the flip side, 24,300 and 24,600 will act as important resistance levels.

All sectoral indices ended in the red, with auto, metal, capital goods, oil & gas, power, media, and realty sectors down by 4 percent each. The BSE Midcap index shed 3.6 percent, and the Smallcap index fell by 4.2 percent. 

The India VIX, reflecting market volatility, increased by 61.6 percent to close at 20.3675, indicating heightened uncertainty. Open Interest (OI) data highlighted the highest OI on the call side at the 24,300 and 24,400 strike prices, while on the put side, it was concentrated at the 24,000 strike price.

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