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
On August 1, Indian benchmark indices extended their gains for the fifth consecutive session. The Sensex closed up 126.21 points or 0.15 percent at 81,867.55, while the Nifty rose by 59.70 points or 0.24 percent to settle at 25,010.90.
The Nifty breached the 25,000 mark for the first time, peaking at 25,078.30 before encountering significant selling pressure at these record levels. The immediate support is seen around 24,950, with a strong close above 25,000 suggesting potential further upside towards 25,200 and 25,400 levels. Dips, notably near 24,800 and 24,650, are viewed as buying opportunities.
The India VIX, reflecting market volatility, dipped by 2.42 percent to close at 12.9300, indicating heightened uncertainty. Open Interest (OI) data highlighted the highest OI on the call side at 25,200 and 25,500 strike prices, while on the put side, it was concentrated at the 24,500 strike price.
The overall trend remains sideways to bullish, with expectations of continued high volatility. Investors are advised to maintain positions with a trailing stop-loss strategy.
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