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Below the Quote on Post-market comment by Hardik Matalia,  Derivative Analyst, Choice Broking

Indian equity indices ended the day on a strong note, with the Nifty closing around 23,350. The Sensex gained 454.11 points or 0.59% to close at 77,073.44, while the Nifty rose 141.55 points or 0.61% to end at 23,344.75. 

On the technical front, the Nifty continues to consolidate near its crucial support zone of 23,400-23,100. Today’s close above 23,300 has strengthened short-term bullish sentiment. A breakout above 23,400 could set the stage for a rally toward 23,600 and 23,800, supported by improving buying momentum as indicated by the RSI at 41.34. However, a downside breach below 23,100 could lead to declines toward 22,800 and 22,600. 

Sectorally, the market saw broad-based gains except for the auto and FMCG indices, which ended marginally lower. Banking, media, metals, capital goods, PSU, telecom, power, and PSU banks outperformed, rising 1-2%. The BSE midcap index advanced 0.66%, while the smallcap index gained nearly 1%. 

The India VIX, a measure of market volatility, increased by 4.24% to close at 16.4150, reflecting heightened uncertainty. Derivatives data revealed the highest call open interest (OI) at the 23,600 and 23,800 levels, while the highest put OI was concentrated at 23,200, signaling a tightly contested range for the market. 

Overall, the market remains poised for directional movement, with a close watch on key resistance and support levels to determine the next trend. 

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