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Below the Quote om Post Market comment by Mandar Bhojane, Research Analyst, Choice Broking

On October 23, the Nifty 50 Index closed at 24,435.50, down 36.60 points (-0.15%), while the Sensex also saw a decline, ending at 80,081.98 with a drop of 138.74 points (-0.17%). Technical indicators suggest short-term weakness, as the Index has continued its pattern of lower highs and lower lows, forming another bearish candle, which indicates a tightening of the bearish trend.

The Nifty index recently closed below the 24,500 level on the daily chart, indicating bearish sentiment and market uncertainty. This decline was accompanied by heightened selling pressure, suggesting broader market hesitation regarding the near-term outlook. Technically, the price is now trading below both the 20-day and 50-day Exponential Moving Averages (EMAs), signaling a shift in short-term momentum toward the bears and a potential continuation of the downward trend. The Relative Strength Index (RSI) stands at 32.97, hovering in neutral territory but leaning closer to the lower range.

India VIX, a measure of market volatility, rose slightly by 1.58% during the day, closing at 14.6225, reflecting increased volatility.

In today’s market, the Nifty IT sector performed well, gaining 2.38%, flowed by Nifty Mid Select (0.82%), Nifty PSU Bank (0.45%). However, there was significant selling pressure in the Nifty Pharma (-1.56%), Nifty Auto (-0.71%), Nifty Metal (-0.25%), followed by Nifty Realty sectors (-0.06%).

In terms of open interest (OI), the highest call-side OI was observed at the 24,600 and 24,500 strike prices, marking significant resistance levels. On the put side, the highest OI was concentrated at the 24,400 and 24,300 strike prices, indicating strong support around the 24,350 level.

Overall, the market's current technical setup suggests short-term weakness, although key support levels may provide a foundation for a potential rebound

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