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Below the Quote On Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian equity markets ended marginally lower in a volatile session, with the Nifty settling around the 24,200 mark. At close, the Sensex was down 105.79 points or 0.13 percent at 80,004.06, and the Nifty was down 27.40 points or 0.11 percent at 24,194.50.

The Nifty has recently rebounded from a crucial support zone near 23,300 and is now trading close to 24,200. However, the index is facing resistance at 24,300–24,350, indicating a phase of consolidation. A decisive close above 24,500 is essential to confirm a continuation of the upward trend, potentially driving the index towards 24,800 and 25,000 levels in the coming weeks.

On the downside, immediate support is seen at 23,950 and 23,800. If the index retraces to these levels, a minor correction could occur. The 23,300–23,500 zone has established itself as a significant demand area, likely to act as a strong base during any pullback.

In summary, the Nifty remains in a consolidation phase. A breakout above 24,500 will indicate further bullish momentum, while the 23,300–23,500 zone continues to provide robust support against downside risks.

The India VIX, a key measure of market volatility, rose marginally by 0.02%, closing at 15.3050, reflecting elevated uncertainty.

Open interest (OI) analysis indicates key levels to watch in the derivatives market, with the highest call OI at the 24,500 and 24,700 strike prices, suggesting resistance zones. On the other hand, the highest put OI at the 24,000 and 23,500 strikes highlights strong support levels.

Investors are encouraged to accumulate quality stocks during dips, especially within these lower support zones, while maintaining disciplined risk management strategies.

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