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

On March 13, the Indian benchmark indices experienced a highly volatile session. While some buying was seen at the start, the market struggled to sustain higher levels, ultimately dragging the Nifty index into negative territory, closing below the 22,400 mark. The Sensex dropped 200.85 points (0.27%) to settle at 73,828.91, while the Nifty declined 73.30 points (0.33%) to close at 22,397.20.

On the daily chart, the Nifty index formed a strong bearish-bodied candle with no higher or lower wicks, indicating strong selling pressure throughout the session and a lack of intraday recovery or buying interest. This suggests that bears remained in control, pushing the index lower without any significant pullback. On the downside, immediate support is at 22,300, and a break below this level could trigger further selling toward the 22,200–22,000 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. As long as the Nifty index remains below the 22,700 mark, a sell-on-rise strategy is expected to dominate, with any short-term rebounds likely to face selling pressure. 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 PSU Banks and Banking sectors posted gains, rising between 0.01% and 0.43%. In contrast, the Realty, Media, Auto and Metal sectors saw notable declines, with losses ranging from 0.87% to 1.83%. The broader market indices faced some pressure, with the Nifty Midcap 100 index declining by 0.75% and the Nifty Smallcap 100 index falling by 0.98%.

The India VIX declined by 3.01% to 13.2800, 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 22,300 strike price, marking it as a key support level.

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