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Below the Quote on Post Market Comment 21 July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd

Indian equity markets ended on a positive note on July 21, despite experiencing notable intraday volatility. At the close, the Sensex rose by 442.61 points or 0.54% to settle at 82,200.34, while the Nifty 50 gained 122.30 points or 0.49%, closing at 25,090.70. Among the broader indices, the BSE Midcap index rose 0.5%, whereas the Smallcap index ended flat.

The Nifty 50, after a positive start, briefly slipped below its intraday support at 24,900, but rebounded sharply, covering nearly 225 points and forming a strong bullish candlestick. This rebound came after taking support at the 50-day EMA, indicating a potential trend reversal, although further confirmation is awaited. A sustained move above 25,150 could open the path toward 25,250. On the downside, 25,000 and 24,900 serve as immediate support levels and could offer potential entry points for long trades.Among the top gainers on the Nifty were Eternal, ICICI Bank, HDFC Bank, HDFC Life, and M&M, while the laggards included IndusInd Bank, Reliance Industries, Wipro, HCL Tech, and Eicher Motors.

The Bank Nifty also ended in the green, surging 669 points, and formed a bullish candle, signaling renewed buying interest. A sustained move below 56,800 could invite weakness, with the next key supports placed at 56,600 and 56,230. However, if these levels hold, a reversal could offer fresh buying opportunities. On the upside, resistance is expected around 57,170 and 57,350, and a decisive breakout above this zone could lead to a rally toward the 58,000 mark.

Meanwhile, India VIX, the volatility index, declined by 1.67% to 11.20, reflecting easing fear in the market but continued caution. In the derivatives segment, open interest (OI) data showed the highest call writing at the 25,200 strike, while the highest put OI was seen at 25,000 and 25,900 levels. This setup suggests that while resistance remains near 25,200, overall trader sentiment remains optimistic, with a decisive close above this level being crucial for sustaining the current bullish momentum.

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