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Below the Quote on Post market commen for Monday October 12 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Nifty closed at 22,363.35, down 157.10 points (-0.70%). The index opened higher at 22,593.20, around 72 points above the previous close, and initially touched an intraday high of 22,651.10. However, selling pressure emerged soon after the opening and persisted through most of the session. Nifty declined to an intraday low of 22,304.45 before recovering slightly to close at 22,363.35, reflecting continued weakness and a lack of sustained buying interest at higher levels.

The daily candlestick formed a bearish-bodied candle with rejection from higher levels, engulfing the previous session's trading range. This indicates renewed selling pressure and keeps the short-term technical structure weak. Immediate support is placed at 22,180–22,250, while resistance is seen at 22,650–22,700.

Nifty reversed sharply after the initial upward move and remained under selling pressure for most of the session. The bearish candle highlights sellers' dominance and the failure of the opening gap-up to sustain. RSI stood at 34.04, compared with its RSI average of 31.27. Although RSI remains below the neutral 50 mark, it is above its average, suggesting some underlying stabilization; however, price action continues to reflect weakness.

PCR stood at 0.94, reflecting a cautious derivatives setup. Call OI concentration was seen around 22,500–22,600, while Put OI concentration was around 22,300–22,500. India VIX rose to 15.2350 (+5.90%), indicating increasing volatility and continued uncertainty. Nifty Media was the highest gainer, rising 4.60%, followed by Chemical, Auto, Realty and Pharma, which closed in positive territory. On the downside, FMCG was the weakest sector, followed by PSU Banks, IT and Metal, reflecting broad weakness across several heavyweight segments.

Bank Nifty closed at 54,918.00, down 338.65 points (-0.61%). The index opened at 55,350.15 and touched an intraday high of 55,416.45 in the initial minutes, after which profit booking emerged and selling pressure persisted through most of the session. Bank Nifty declined to an intraday low of 54,708.80 before recovering slightly to close at 54,918.00, indicating continued weakness in the banking space.

The index formed a bearish-bodied candle, reflecting rejection from higher levels and sustained selling pressure. The inability to hold the opening gains keeps the short-term structure weak. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,200–55,500.

Selling pressure was more pronounced in PSU banking stocks, with the Nifty PSU Bank index declining more sharply than the Nifty Private Bank index. Nifty PSU Bank fell 1.18%, while Nifty Private Bank declined 0.37%. Kotak Bank was the only Bank Nifty constituent to close positively, gaining 0.54%, while the remaining constituents ended in the red. SBI was the major laggard, declining 1.89%.

RSI stood at 42.33, above its RSI average of 37.88, suggesting some underlying momentum stabilization. However, the index's negative price action indicates that buying strength remains insufficient to confirm a sustained recovery.

Overall bias remains cautiously bearish, as both Nifty and Bank Nifty reversed their opening gains and closed lower amid persistent selling pressure. Nifty's bearish engulfing formation, rising India VIX and continued weakness in key sectors point to fragile sentiment. Although Media, Auto, Realty, Pharma and Chemical offered some support, broader participation remained uneven. Nifty needs to defend the 22,180–22,250 support zone, while Bank Nifty must hold 54,500–54,700 to avoid further deterioration. A sustained recovery above immediate resistance levels is required to improve the near-term outlook

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