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Below the quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

The Indian equity markets ended in deep red for the fifth consecutive session on November 13, weighed down by inflation concerns and persistent selling pressure in metal stocks.

The benchmark indices, Sensex and Nifty, declined as all 13 major sectoral indices closed lower, led by sharp declines in auto, banking, metal, PSU bank, media, and realty sectors, which fell by 2-3%. In the broader markets, the BSE Midcap and BSE Smallcap indices also experienced significant declines of 2.6% and 3%, respectively.

The Nifty has now corrected by 10.53% from its all-time high, losing 2,767 points to close around 23,559—near its 200-day exponential moving average (EMA). This critical level indicates continued bearish pressure, with downside targets potentially extending to 23,200 and 23,000 in the coming sessions. On the flip side, 23,900 and 24,000 levels will act as immediate resistance.

On the weekly chart, the 50 EMA around the 23,225 level serves as an immediate support zone, providing potential buy-on-dip opportunities if a reversal pattern is observed. The Relative Strength Index (RSI) is currently at 30 and trending downwards, indicating sustained bearish momentum.

The India VIX, a key volatility gauge, rose by 5.79% to close at 15.4350, reflecting elevated market volatility. In the derivatives market, open interest (OI) data revealed the highest call OI at the 24,200 and 24,300 strike prices, while the 23,000 and 22,800 strikes hold the highest put OI, signaling key levels to watch.

Market participants, including both long-term and short-term investors, are advised to accumulate quality stocks at lower levels or consider buying on dips with prudent risk management for potential long-term gains.

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