Quote on Post-market comment by Hardik Matalia, Derivative Analyst, Choice Broking
Below the Quote on Post-market comment by Hardik Matalia, Derivative Analyst, Choice Broking
On April 30, the Indian benchmark indices opened on a flat note and traded sideways throughout the session, ultimately ending little changed. The Sensex declined by 46.14 points (0.06%) to close at 80,242.24, while the Nifty slipped marginally by 1.75 points (0.01%) to settle at 24,334.20, holding above the 24,300 mark.
On the daily chart, the Nifty index formed a small bearish-bodied candle with a long upper and lower wick, indicating indecision in the market and a tug-of-war between bulls and bears. This candlestick pattern reflects intraday volatility, with both buying and selling pressure visible, but neither side able to gain clear control. Amid this uncertainty, the index ended the session on a flat note, closing above the 24,300 mark at 24,334.20. On the downside, immediate and crucial support is seen at 24,200, followed by a stronger support zone near the 24,000 level. On the upside, 24,400 remains the first key resistance, with a more significant hurdle at 24,500. A decisive breakout above this level could open the gates for a potential rally towards the 24,700–24,900 range. Given the prevailing market momentum, traders are advised to adopt a disciplined approach with strict risk management while capitalizing on emerging short-term opportunities. Buying on dips can be considered as long as the Nifty index sustains above the 23,800 level. However, in light of ongoing global uncertainties, it is prudent to avoid large overnight positions and maintain tight risk control.
On the sectoral front, Realty, Pharma, and Auto managed to hold their gains, closing higher in the range of 0.04% to 1.91%. In contrast, sectors such as PSU Banks, Media, Energy, and Banking witnessed notable declines, with losses ranging between 0.55% and 2.23%. The broader markets also came under pressure, with the Nifty Midcap 100 index declining by 0.85%, while the Nifty Small cap 100 index slipped by 1.73%, reflecting weakness beyond the frontline indices.
The India VIX surged by 4.91% to 18.22, indicating a rise in market volatility and a potential increase in investor nervousness. This uptick reflects growing uncertainty in the near term. Open Interest (OI) data shows the highest concentration on the call side at the 24,400 and 24,500 strike prices, suggesting strong resistance levels at these points. On the put side, significant OI build-up is seen at the 24,300 and 24,200 strike prices, marking these levels as key support zones.
Above views are of the author and not of the website kindly read disclaimer
