IGI Logo

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

On May 23, Indian benchmark indices ended at a record closing high. Nifty reached a new all-time high near 23,000, settling at 22,967.65, gaining 369.85 points or 1.64%. Sensex also surged, reaching a high near the 75,500 level and closing at 75,418, with a gain of 1197 points.

On the daily chart, Nifty formed a strong bullish engulfing candlestick pattern with robust volume, indicating strength in the Nifty Index. If the price closes above the 23,000 level, it may further rise to 23,200 and 23,500 in the coming days. On the flip side, 22,600 and 22,500 act as strong support levels. The RSI at 68 indicates strength in the index. Overall, the strength continues in Nifty.

Except for metal and pharma, all other sectoral indices ended in the green, with auto, bank, and capital goods up 2 percent each. An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,700 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 23,500 and 24,000 levels.

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