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

On March 12, the Indian benchmark witnessed a high volatile session, where some selling was seen in the start of the session but strong buying at lower levels helped the Nifty index to end the session flat to negative above the 22450 mark. The Sensex fell by 72.56 points (0.10%) to settle at 74,029.76, while the Nifty declined 27.40 points (0.12%) to close at 22,470.50.

On the daily chart, the Nifty index formed a small bearish-bodied candle with a long lower wick, indicating strong buying interest at lower levels. This suggests that despite initial selling pressure, bulls regained control, preventing a deeper decline. If the index sustains above key resistance levels, it could confirm further upside potential. However, failure to hold gains may lead to consolidation or a pullback. On the downside, immediate support is at 22,400, and a break below this level could trigger further selling toward the 22,300–22,200 range. On the upside, immediate resistance is seen at 22,550, with a critical hurdle near 22,700. Sustaining above these levels is essential to pause the ongoing downtrend. Given the heightened volatility, traders are advised to maintain strict stop-loss measures and avoid overnight positions to protect capital.

On the sectoral front, the Financial Services, Auto, Pharma, and Banking sectors posted gains, rising between 0.42% and 0.54%. In contrast, the IT, Realty, and Media sectors saw notable declines, with losses ranging from 1.53% to 2.91%. The broader market indices faced some pressure, with the Nifty Midcap 100 index declining by 0.57% and the Nifty Smallcap 100 index falling by 0.21%.

The India VIX declined by 2.70% to 13.6925, indicating a drop in market volatility and improved investor sentiment. This suggests reduced uncertainty, with traders showing more confidence in market stability. Open Interest (OI) data shows the highest OI on the call side at the 22,500 and 22,600 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,400 strike price, marking it as a key support level.

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