IGI Logo

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

Indian equity markets ended higher for the fourth straight session, supported by gains in banking and real estate stocks. The Sensex rose 110.58 points, or 0.14%, to close at 80,956.33, while the Nifty added 10.30 points, or 0.04%, to settle at 24,467.45. The Nifty managed to hold above its intraday support of 24,450, closing just above this critical level. 

The Nifty formed a spinning top candlestick on the daily chart, signaling market indecision and the likelihood of consolidation in the near term. Key support levels for the index are at 24,350 and 24,200, which may attract buying interest from traders. On the upside, resistance is seen at 24,500 and 24,800. Meanwhile, the Bank Nifty exhibited a strong bullish candle, indicating continued buying interest from lower levels. A breakout above its daily high could pave the way for further upward momentum, with immediate support at 53,000 and 52,800, and resistance at 53,400 and 53,800. 

Volatility edged higher, with the India VIX rising by 0.54% to close at 14.45, reflecting increased uncertainty. In the derivatives market, open interest data showed the highest call OI at 24,500 and 24,600, suggesting strong resistance at these levels. Conversely, the highest put OI was at the 24,300 strike, highlighting robust support. A decisive break above the 24,500 level could drive further gains in the sessions ahead.

Above views are of the author and not of the website kindly read disclaimer