Quote on Post Market Comment by Hardik Matalia, Research Analyst, Choice Broking
Below the Quote on Post Market Comment by Hardik Matalia, Research Analyst, Choice Broking
On February 11, the Indian benchmark indices opened on a flat note but faced strong selling pressure, pushing the market lower and marking an intraday low below the 23,000 mark. A slight recovery in the later session helped the Nifty index close near 23,050. The Sensex declined by 1,018.20 points (1.32%) to settle at 76,293.60, while the Nifty fell by 309.80 points (1.32%) to close at 23,071.80.
On the daily chart, the Nifty index has formed a strong bearish candle for the fifth consecutive session, indicating its struggle to sustain higher levels. This pattern suggests a cautious outlook, requiring confirmation for a sustainable upside move. The market remains highly volatile. On the downside, 23,000 serves as a key support level, and a break below this mark could trigger further selling toward 22,800. On the upside, immediate resistance is seen at 23,200, with a critical hurdle near 23,300. For a continued uptrend, the Nifty must sustain above the 23,500 mark. Given the heightened volatility, traders are advised to maintain strict stop-loss measures and avoid overnight positions to protect capital.
On the sectoral front, all sectors ended in negative territory, with Realty, Media, Auto, PSU Banks, and Energy being the major losers, declining between 2.1% and 3.07%. The broader market indices also faced significant pressure, as the Nifty Midcap 100 fell by 3.02%, while the Nifty Smallcap 100 declined by 3.45%.
The India VIX rose 2.94% to 14.8700, reflecting heightened market volatility and increased uncertainty among traders, which could influence short-term price movements in equities and derivatives. Open Interest (OI) data shows the highest OI on the call side at the 23,200 and 23,300 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,000 strike price, marking it as a key support level.
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