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Below the Quote on Post Market Comment 10 July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd

Indian equity markets ended on a negative note on July 10, witnessing selling pressure right from the start of the session. The Sensex declined by 345.80 points or 0.41% to settle at 83,190.28, while the Nifty slipped 120.85 points or 0.47%, closing at 25,355.25. Market breadth remained weak, with 1,044 stocks advancing and 1,382 stocks declining, indicating broad-based selling across sectors.

The Nifty Index witnessed selling pressure and formed a Bearish Engulfing candlestick pattern on the daily chart, signaling a potential short-term reversal. The index is currently trading near the 0.382 Fibonacci retracement level, which also aligns with the previous swing low and a critical support zone between 25,330–25,300. A decisive break down below this support range could lead to extended selling pressure, dragging the index further down towards the 25,100–25,000 levels. On the upside, immediate resistance is seen around 25,500, followed by a strong hurdle near 25,600. The index will need to surpass these levels convincingly to regain upward momentum. Among the top gainers in the Nifty 50 were Maruti, IndusInd Bank, Tata Steel, Bajaj Finance, and Bajaj Finserv, while Bharti Airtel, HDFC Life, Asian Paints, Apollo Hospitals, and Shriram Finance were the top losers.

The Bank Nifty index witnessed rejection at higher levels and formed a strong Bearish Engulfing candlestick pattern on the daily chart, signaling a potential shift in momentum and indicating short-term weakness. This formation reflects renewed selling pressure after the recent rally, suggesting caution at higher levels. On the downside, immediate support is placed in the 56,700–56,500 zone. A break below this range could lead to extended selling pressure, potentially dragging the index towards the 56,000 mark, which remains a crucial support level for the broader bullish structure. On the upside, immediate resistance is seen near 57,000, followed by a strong hurdle in the 57,300–57,500 range. A decisive breakout above this zone would be essential for the index to resume its upward trajectory. Until then, the near-term trend appears to be under pressure.

Meanwhile, India VIX declined by 2.24% to 11.6725, indicating reduced market volatility and reflecting a relatively stable sentiment among traders. In the derivatives segment, open interest (OI) data showed the highest Call OI at the 25,400 strike, followed by 25,500, suggesting a potential resistance zone at higher levels. On the Put side, the highest OI was seen at the 25,300 strike, followed by 25,200, indicating immediate support levels. This OI setup highlights the importance of the 25,200–25,500 zone as a key range for Nifty’s next directional move.

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