Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking
Indian equity benchmarks ended higher on April 16, with the Nifty closing above the 23,400 mark. The Sensex gained 309.40 points or 0.40% to close at 77,044.29, while the Nifty rose 108.65 points or 0.47% to settle at 23,437.20. The Nifty recovered well after a weak start in the first half of the session. On the technical front, the index closed above both the 100-day and 200-day EMAs for the second consecutive session, indicating strength in the ongoing uptrend.
From a technical standpoint, support is now placed at 23,200, and as long as the index sustains above this level, the sentiment is expected to remain bullish. A decisive breakout above 23,450 could open the door for a rally towards the 23,800 zone. On the downside, 23,200 and 23,000 will act as strong support levels in the near term. Traders should keep a close eye on price action near these levels.
Sector-wise, most indices ended in the green, except auto, IT, and pharma. The media, PSU Bank, and oil & gas sectors were the top performers, rising between 1% and 2%. The broader markets also participated in the rally, with the BSE Midcap index gaining 0.5% and the Smallcap index rising nearly 1%, reflecting overall positive market breadth.
Meanwhile, India VIX slipped by 1.61% to 15.8650, indicating reduced volatility and improved investor confidence. In the derivatives space, the highest open interest on the call side is seen at 23,800 and 24,000, acting as key resistance levels. On the put side, maximum open interest is concentrated at the 23,300 strike, making it a crucial support level. The current setup suggests a bullish undertone, with momentum likely to continue if key resistance levels are breached.
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