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

On November 5, Indian equity indices rebounded sharply, erasing prior session losses, with the Nifty closing near the 24,200 mark. At market close, the Sensex rose by 694.39 points (0.88%) to 79,476.63, while the Nifty gained 197.20 points (0.82%) to finish at 24,192.50.

Nifty and Bank Nifty displayed a strong recovery from lower levels, forming an inside candle pattern on the daily chart. In the first half of the session, the Nifty fell below the 24,000 level but recovered 386 points from the day’s low in the latter half, ultimately closing above 24,200.If prices sustain above the 24,400 mark, this could confirm a bullish reversal, potentially propelling the index toward the 24,800 and 25,200 levels in the upcoming week. On the downside, immediate support is expected around the 23,650–23,500 levels, a zone of strong demand that suggests a possible bottom and signs of a bullish reversal.

Sectorally, all indices except FMCG and Media closed in the green, with Bank, Metal, Auto, and Oil & Gas sectors advancing by 1-2%. The BSE Midcap and Smallcap indices added 0.4% each. Meanwhile, the India VIX, an essential measure of market volatility, dropped by 3.39% to close at 16.1225, indicating reduced market uncertainty.

In the derivatives market, open interest (OI) data showed the highest OI on the call side at the 24,500 and 25,000 strike prices, while the put side registered peak OI at the 25,000 level. This configuration suggests that Nifty faces resistance around the 24,500 level, and traders are preparing for potential gains if the index manages to hold above this crucial threshold.

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