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

The Indian equity markets ended the session on a flat note, reflecting muted investor sentiment. The Sensex managed a marginal gain of 1.59 points to close at 81,510.05, while the Nifty declined slightly by 8.95 points, settling at 24,610.05.

On the daily chart, Nifty has exhibited three consecutive sessions of consolidation. A close above the 24,750 mark could act as a trigger for a rally toward 25,000–25,200 levels in the coming days. Conversely, immediate support levels are seen at 24,400 and 24,200, offering potential buying opportunities for market participants.

The overall market trend remains sideways to bullish, as indicated by an upward-trending RSI at 57.6, reflecting improving strength. The session also saw the formation of a hammer candlestick pattern, which is often interpreted as a sign of potential reversal or continuation in an upward direction. Traders are likely to watch closely for a decisive breakout above key resistance levels to confirm the next directional move.

Broader market indices performed positively, with the BSE Midcap and Smallcap indices each advancing by 0.3%. Sectoral performance was mixed, with gains seen in IT, metal, PSU banks, and realty, which rose between 0.4% and 1%. However, power, telecom, and media sectors underperformed, shedding 0.5–1%. This divergence highlights a selective approach by investors across sectors.

Market volatility edged higher, as the India VIX rose by 2.34% to close at 13.7775, reflecting increased uncertainty. In the derivatives segment, strong resistance was noted at the 24,800 and 25,000 levels, where significant call open interest was recorded. On the put side, the 24,300 level witnessed the highest open interest, signifying robust support. The market’s outlook remains cautiously optimistic, with key levels being monitored for clear directional cues in the near term.

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