Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
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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 fourth straight session on July 31, with the Nifty closing at 24,950. At the close, the Sensex was up 285.94 points or 0.35 percent at 81,741.34, and the Nifty was up 93.90 points or 0.38 percent at 24,951.20.
After a flat to positive opening, the Nifty broke its intraday sideways range at the 24,950 level and finally settled at 24,979.30. If the index manages to close above the 24,990 level, it could reach new all-time highs with targets of 25,200 and 25,500 in the coming days. On the downside, 24,700 and 24,600 act as immediate support, presenting a buying opportunity on dips.
The India VIX, a gauge of market volatility, increased by 2.87 percent intraday to settle at 13.2500, indicating increased market uncertainty. In terms of Open Interest (OI) data, the highest OI on the call side was observed at the 25,200 and 25,500 strike prices, while on the put side, it was at the 24,500 strike price.
The overall trend remains sideways to bullish, and the market is expected to remain highly volatile. Investors should hold their positions with a trailing stop-loss.
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