Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
n September 9, Indian indices snapped a three-day losing streak and ended higher, with the Nifty closing around 24,950. At the close, the Sensex was up 375.61 points or 0.46 percent at 81,559.54, and the Nifty was up 84.20 points or 0.34 percent at 24,936.40.
Nifty opened with a gap down but showed a strong reversal from the 24,750 level, forming a bullish candle on the daily chart. If the price manages to close above the 24950 & 25,000 level, there is potential for it to move further up to the 25,200 level. However, if the index weakens and the price trades below the 24,800 level, it may correct further to the 24,600 and 24,400 levels in the short term.
Among sectors, FMCG and Bank indices up 1 percent each, while Capital Goods, Information Technology, Metal, Telecom, Media, Oil & Gas, Power, Realty down 0.3-1 percent.
The India VIX decreased by 6.44 percent intraday, settling at 14.2375, indicating reduced volatility. The index has support around the 24,750 level. In the Open Interest (OI) data, the highest OI on the call side was observed at the 25,200 and 25,300 strike prices, while on the put side, the highest OI was at the 24,500 strike price.
Above views are of the author and not of the website kindly read disclaimer
Tag News
Market Outlook: Q2 GDP, FIIs data and global cues key triggers for next week
More News
Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities