Quote on Post-Market Comment by Aakash Shah, Technical Research Analyst, Choice Broking
Below the Quote on Post-Market Comment by Aakash Shah, Technical Research Analyst, Choice Broking
The session saw a sharp 190-point rally in the Nifty, followed by a subsequent decline of nearly 200 points from the day's high, resulting in the formation of an inverted hammer candlestick on the daily chart. This pattern indicates a potential reversal in market sentiment, though further confirmation is required to determine the next directional move. Key support is placed at 22,900, with a breakdown potentially leading to 22,775, while resistance is seen at 23,250 and 23,500. A sustained close above 23,500 could trigger a rally toward the 23,800–24,000 range.
Among the top gainers in the Nifty 50 were Tata Steel, Sun Pharma, Bajaj Finance, Cipla, and Bajaj Finserv, while Adani Enterprises, Hero MotoCorp, Adani Ports, Infosys, and ONGC were the top losers. Sectorally, media, metal, pharma, and realty indices gained between 0.5% and 1%, whereas auto, FMCG, IT, consumer durables, and PSU banks declined in the range of 0.3% to 1%.
Market volatility, as measured by India VIX, edged higher by 0.40% to 14.95, indicating rising uncertainty. In the derivatives market, open interest (OI) data showed the highest call OI at the 23,100 strike, while the highest put OI was at the 23,000 strike. This positioning suggests that Nifty may face resistance near the 23,100 level, with traders anticipating further gains. A sustained move above these key levels will be crucial in determining the market's next direction.
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