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Below the Quote on Closing Market Summary from Hardik Matalia, Derivative Analyst - Research at Choice Equity Broking Private Limited

"Indian equity markets ended the session on a positive note on September 03, as the indices traded sideways during the first half of the session. However, strong buying interest in the latter half lifted the markets higher, helping the Nifty close above the 24,700 mark. The Sensex gained 409.83 points, or 0.51%, to settle at 80,567.71, while the Nifty advanced 135.45 points, or 0.55%, to close at 24,715.05. Market breadth was strong, with 1,779 stocks advancing against 771 declining, indicating broad-based participation in the up move. 

The Nifty index opened on a flat note and traded sideways during the first half of the session. However, buying in the later part of the day helped the index move higher, closing above the 24,700 mark on a positive note. On the daily chart, the index has formed a bullish-bodied candle with a slight lower wick, indicating buying support from lower levels. On the downside, 24,600 remains the immediate support, with stronger support placed around the 24,500 mark. On the upside, 24,800 is seen as the immediate resistance, followed by a strong hurdle at the 25,000 mark. A decisive move above these levels could open opportunities for fresh buying momentum. Among the Nifty 50 constituents, the top gainers were Tata Steel, Hindalco, JSW Steel, Coal India, and IndusInd Bank, while the top losers included Infosys, HDFC Life, NTPC, Wipro, and Nestle India. 

The Bank Nifty opened on a flat note and traded sideways during the initial part of the session. Strong buying momentum later in the day helped the index move above the 54,000 mark, and it managed to hold these levels on a closing basis, ending the session on a positive note. On the daily chart, a strong bullish candle has formed, suggesting sustained buying interest. On the downside, 53,700 remains the immediate support, followed by a strong support zone near the 53,500 mark. On the upside, 54,300 will act as the immediate resistance, while the next strong hurdle is seen around the 54,500–54,800 zone. A decisive move above these resistance levels would be essential to signal stability and open the door for a potential reversal. 

India VIX declined by 4.12% to 10.9300, indicating cooling volatility and reflecting a more stable market sentiment. On the derivatives front, the maximum Call Open Interest (OI) is placed at the 24,800 strike, followed by the 25,000 strike, highlighting these levels as key resistance zones. On the Put side, the highest OI is seen at the 24,700 strike, followed by the 24,600–24,500 strikes, which are likely to act as strong support levels. This OI setup suggests that the 24,700–24,800 range will be crucial for Nifty’s near-term movement, with a decisive break on either side expected to dictate the next directional trend."

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