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Below the Quote om Post Market comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian benchmark indices broke a six-day losing streak and ended higher with Nifty closing above 25,000 on October 8. At close, the Sensex was up 584.81 points or 0.72% at 81,634.81, and the Nifty was up 217.40 points or 0.88% at 25,013.20.

On the daily chart, Nifty closed higher above the 25,000 level and formed an inside bar candle with significant volume, indicating potential consolidation. However, the price is still trading below the 20- and 50-day EMAs, suggesting that the market remains in a sideways to bearish trend. If the price breaks above the previous day's high, we could see a good pullback from support towards the 25,600 level. On the flip side, 24,200 and 24,000 are crucial levels, with the demand zone present around these levels.

India VIX fell by 3.27% intraday, settling at 14.5875, indicating a decrease in market volatility. In terms of open interest (OI), the highest call-side OI was at the 25,200 and 25,500 strike prices, while the highest put-side OI was concentrated at the 24,800 strike price, suggesting strong support around the 24,000 level for the Nifty.

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