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

On May 28, the Indian benchmark indices concluded lower after a volatile trading session, with the Nifty settling below the 22,900 mark. Throughout the day, Nifty traded sideways within a range of 130 points, ultimately closing with a loss of 44.30 points, indicative of sideways movement ahead of election results.

On the daily chart, Nifty formed a bearish candlestick pattern near its all-time high level, suggesting profit booking. However, if the price manages to close above the 23,000 level, further rises to 23,200 and 23,500 could be anticipated in the coming days. Conversely, strong support levels are identified at 22,800 and 22,700. The Relative Strength Index (RSI) at 64 indicates strength in the index, although the overall market appears to be moving sideways within the range of 22,800 to 23,000.

The India VIX (Volatility Index) demonstrated a positive movement of 4.32 percent during the trading session, settling at 24.1950. Analysis of Open Interest (OI) data reveals that the call side exhibited the highest OI at the 23,000 strike price, followed by 23,500 strike prices, whereas on the put side, the highest OI was observed at the 22,500 strike price.

On the sectoral front, Oil & Gas, Capital Goods, Telecom, PSU Bank, Power, and Realty sectors experienced declines ranging from 1 to 1.5 percent. Additionally, the BSE Midcap index was down by 0.5 percent, while the small-cap index shed 1 percent.

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