Quote on Post Market Comment 28th July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd
Below the Quote on Post Market Comment 28th July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd
Indian equity markets ended lower on July 28 amid significant intraday volatility. The Sensex declined by 572.07 points or 0.70% to close at 80,891.02, while the Nifty 50 dropped 156.10 points or 0.63% to settle at 24,680.90. Broader markets also faced pressure, with the BSE Midcap index losing 0.7% and the Smallcap index falling by 1.3%.
The Nifty 50 opened on a negative note and slipped below its intraday support of 24,700, forming a bearish candlestick for the third consecutive session. This marks the fifth straight week of bearishness, reflecting sustained selling pressure at higher levels. The index remains vulnerable unless it manages a sustained move above 24,770, which could open the door for a recovery toward the 24,858 mark. On the downside, immediate support is placed at 24,600, followed by 24,500—both of which may serve as potential zones for initiating fresh long positions.
Sector-wise, the market breadth was broadly negative, with all sectoral indices ending in the red except for pharma. The Nifty Realty index plunged 4%, Media shed nearly 3%, while Capital Goods, Metal, Telecom, PSU Banks, and Private Banks all declined between 1% and 1.5%.
The Bank Nifty underperformed, losing 444 points and breaking out of its recent range on the downside. It formed a bearish candle and closed below the 50-day EMA on the daily chart, signaling intensified selling pressure. Key supports are now seen at 55,965, followed by 55,700 and 55,500. A hold above these levels could offer some upside, while resistance is expected in the 56,250–56,600 zone. A decisive breakout above this range may pave the way for a rally toward the psychological 57,000 level.
Meanwhile, the India VIX rose 6.98% to 12.06, reflecting reduced complacency but continued caution in the market. In the derivatives segment, the highest call open interest was seen at the 24,800 strike, indicating a potential resistance zone, while the highest put open interest stood at the 24,500 level. This setup suggests that a firm close above 24,800 would be essential to revive bullish momentum and change the prevailing sentiment.
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