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

On September 30, Indian equity indices closed on a weak note, with the Nifty slipping below 25,850. The Sensex ended the session down 1,272.07 points, or 1.49%, at 84,299.78, while the Nifty shed 368.20 points, or 1.41%, to close at 25,810.80.

The Nifty opened 117 points lower and continued to make a series of lower highs and lower lows on the intraday chart. On the daily chart, a strong bearish candle formed, indicating significant selling pressure from higher levels, which dragged the market toward the 25,800 mark. Should the index break below 25,800, a further correction toward 25,500 could be anticipated, where the 20-day EMA also lies. On the upside, 26,000 is expected to act as immediate resistance.

Sectorally, only the Metal and Media indices posted gains of 1% each, while all other sectors ended in the red. Auto, banking, IT, telecom, pharma, and realty sectors witnessed declines of 1-2%. The BSE Midcap index saw marginal losses, while the Smallcap index ended flat.

India VIX surged by 6.90% intraday, settling at 12.7875, suggesting a decrease in market volatility. In terms of open interest (OI), the highest call-side OI was at the 26,000 and 26,200 strike prices, while the highest put-side OI was concentrated at the 25,500 strike price, indicating strong support around the 25,600 level for Nifty.

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