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Below the Quote on Post Market Comment 24th July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd

Indian equity markets ended on a negative note on July 24, after witnessing volatility throughout the session. The Sensex declined by 542.47 points or 0.66% to close at 82,184.17, while the Nifty slipped 157.80 points or 0.63% to settle at 25,062.10. Market breadth remained weak, with 815 stocks advancing and 1,677 declining, indicating broad-based selling pressure across sectors despite intraday swings.

The Nifty index opened on a gap-up note but failed to hold higher levels, facing rejection and witnessing volatility throughout the session. It ended the day on a negative note. On the daily chart, the index formed a Bearish Engulfing candlestick pattern, suggesting increasing selling pressure and potential short-term weakness. The index was unable to sustain above its short-term (20-day) EMA but is still managing to hold above its medium-term (50-day) EMA, indicating that the broader structure remains intact for now. On the downside, immediate support is placed at the 25,000 mark, followed by 24,900. A breach below these levels could lead to further downside pressure. On the upside, immediate resistance is seen at 25,150, followed by a crucial hurdle in the 25,250–25,400 zone. A decisive breakout above this resistance range is essential to revive bullish momentum and attract fresh buying interest. Top gainers in the Nifty 50 were Eternal, Tata Motors, Dr. Reddy's, Grasim, and Cipla, while the top losers included Nestle India, Trent, Shriram Finance, Tech Mahindra, and Reliance.

The Bank Nifty index ended on a negative note, declining by 144.40 points or 0.25%, and formed a bearish-bodied candle with a lower wick on the daily timeframe. This pattern suggests selling pressure at higher levels, while the lower wick indicates some buying interest at lower zones. On the downside, immediate support is seen at the 57,000 mark, followed by the 56,700–56,500 zone. A breach below these levels could open the door for further downside. On the upside, 57,300 is the immediate resistance, with a key hurdle at 57,500. A sustained move above these levels is required to regain bullish momentum. Until the index holds above 56,500, a buy-on-dips approach can be considered, with traders advised to maintain strict stop-losses and manage risk amid ongoing market volatility.

India VIX edged up by 1.97% to 10.7225, suggesting a slight increase in volatility and cautious sentiment in the market. On the derivatives front, the highest Call Open Interest (OI) for Nifty is seen at the 25,100 strike, followed by 25,200, indicating potential resistance at these levels. On the Put side, the highest OI is placed at 25,000, followed by 24,900, highlighting strong support zones. This OI setup suggests that the 25,000–25,200 range will be crucial for Nifty’s near-term directional move, with traders closely watching for a breakout or breakdown from this zone.

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