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

On May 29, the Indian benchmark indices opened with a significant gap-up and traded sideways for most of the session. However, strong buying interest emerged from lower levels towards the close, which helped the Nifty index end on a positive note, managing to hold firmly above the 24,800 mark. The Sensex surged by 320.71 points (up 0.39%) to close at 81,633.03, while the Nifty advanced by 81.15 points (up 0.33%) to settle at 24,833.60.

On the daily chart, the Nifty index traded sideways throughout the day and ended the session on a positive note above the 24,800 mark, forming a Long-Legged Doji pattern on the daily timeframe. This suggests indecision in the market, where both bulls and bears were active, but neither could take complete control, highlighting the possibility of a pause or potential reversal in the ongoing trend. On the downside, 24,700 remains an immediate support, and if breached, the next stronger support lies near 24,500. The index needs to hold above these 24,500 levels to maintain its bullish outlook. On the upside, 24,900 will act as the immediate resistance, followed by a strong hurdle and psychological barrier at 25,000. A sustainable move above the 25,000 mark is essential to attract fresh buying interest and trigger a potential move towards higher levels. Considering the ongoing global uncertainties, it is advisable to adopt tight stop-loss strategies and maintain a disciplined approach to effectively manage any unexpected volatility.

On the sectoral front, performance remained mixed. METAL, MEDIA, PHARMA, IT, and AUTO sectors managed to hold their gains, advancing in the range of 0.51% to 1.21%, indicating selective buying interest in key segments. However, PSU BANKS and FMCG came under slight pressure, slipping between 0.13% to 0.24%, reflecting mild profit booking. Meanwhile, the broader markets extended support, with the Nifty Midcap 100 index gaining 0.55% and the Nifty Smallcap 100 index rising 0.59%, signaling continued buying interest in the mid- and small-cap space.

The India VIX declined by 8.87% to 16.4200, indicating a sharp drop in market volatility and rising confidence among market participants. A lower VIX generally suggests that traders expect less uncertainty and smoother price action in the near term, often aligning with a stable or bullish market sentiment. Open Interest (OI) data shows the highest concentration on the call side at the 24,900 and 25,000 strike prices, suggesting strong resistance levels at these points. On the put side, significant OI build-up is seen at the 24,800 and 24,700 strike prices, marking these levels as key support zones.

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