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Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking

On November 18, the Indian equity markets faced significant selling pressure for the seventh consecutive session, closing lower after a positive opening. The BSE Sensex declined by 241.30 points, or 0.31%, to end at 77,339.01, while the Nifty slipped by 78.90 points, settling at 23,453.80. Although the Nifty initially showed gains during the day, profit booking at higher levels erased these gains, resulting in a negative close. Importantly, the Nifty managed to maintain its intraday support at 23,350, closing just above this level.

Both the Nifty and Bank Nifty are currently trading near their 200-day exponential moving averages (EMA). However, the Nifty closed below this key level, indicating potential downside momentum. Immediate support levels are seen at 23,200 and 23,000, which could present buying opportunities for traders. Overall, the market outlook appears to be sideways-to-bearish for the near term.

Traders are advised to avoid long positions unless the index decisively breaks above the 23,800 and 24,000 levels, as further downside risks remain. In this volatile environment, caution and strict risk management are essential.

Among Nifty stocks, TCS, Dr. Reddy's Laboratories, Infosys, BPCL, and Cipla were the major decliners. On the other hand, Tata Steel, Nestle India, Hindustan Unilever, Hindalco, and Hero MotoCorp were among the top gainers. Sector-wise, the Nifty IT index led the losses, falling more than 2%, followed by declines in the energy and healthcare sectors. Conversely, the metals sector gained 2%, while the Nifty Auto, FMCG, and Banking indices posted modest gains, advancing between 0.3% and 0.7%.

The India VIX, a key gauge of market volatility, rose by 2.66%, closing at 15.16, signaling increased market uncertainty. In the derivatives market, open interest (OI) data revealed the highest call OI at the 23,500 and 23,700 strike prices, while the highest put OI was observed at the 23,400 strike price. This OI distribution suggests potential resistance around the 23,500 level, with further upside likely if the Nifty can sustain above this resistance.

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