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

Indian equity markets closed on a positive note today, with both benchmark indices extending gains amid a mixed market sentiment. The Sensex rose 234.12 points (0.30%) to settle at 78,199.11, while the Nifty 50 advanced 91.85 points (0.39%) to end at 23,707.90. 

On the technical front, the Nifty formed an inside bar candle on the daily chart, closing near the 23,700 mark. However, market sentiment remains cautious. A breach below the 23,600 level could lead to further corrections towards 23,400 and 23,000, identified as immediate support levels. On the upside, resistance is pegged at 23,800 and 24,000. 

Technical indicators presented mixed signals. The RSI at 43 suggested bearish momentum, while the Stochastic RSI showed a bullish crossover, hinting at a possible short-term recovery. This divergence underlines the importance of vigilance, as the market lacks a definitive directional bias. 

Sectorally, the market saw broad-based participation, barring the IT sector, which closed in the red. Gains were led by oil & gas, realty, energy, banking, metal, and pharma sectors, which rose between 0.5% and 1%. Meanwhile, the BSE Midcap index gained 0.7%, and the BSE Smallcap index outperformed with a 1.7% rise. 

As the market approaches critical support and resistance levels, investors are advised to monitor price action closely and adopt a cautious stance in the coming sessions.  

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