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

Indian benchmark indices ended higher for the third consecutive session on July 16. At the close, the Sensex was up 51.69 points or 0.06 percent at 80,716.55, and the Nifty was up 26.30 points or 0.11 percent at 24,613.00.

On the daily chart, the index has formed a neutral candlestick pattern at record high levels, indicating a potential trend reversal. Immediate support is found near the 24,500 level, while 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 24,700 level acts as resistance.

Among sectors, the Realty index surged 1.6 percent, while FMCG, IT, Metal, and Telecom indices were up 0.3-0.9 percent. On the other hand, the Media index shed 1 percent, and Power and Capital Goods indices were down 0.5 percent each. The BSE midcap index was down 0.3 percent, while the smallcap index was up 0.3 percent.

The India VIX, which measures market volatility, increased by 3.62 percent intraday, settling at 14.4225, indicating reduced market fear. Regarding the Open Interest (OI) data, on the call side, the highest OI was observed at the 24,700 and 25,000 strike prices, while on the put side, the highest OI was at the 24,000 strike price.

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