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Below the Quote on Post market commen for Thursday October 22 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Nifty closed at 22,687.65, down 123.70 points (-0.54%). The index opened lower by around 123 points at 22,687.75 and initially declined to an intraday low of 22,554.85 during the first half hour. Buying interest then emerged, lifting Nifty to an intraday high of 22,785, but selling pressure resurfaced at higher levels, leading to consolidation throughout the session. The index formed a doji-like candlestick, reflecting indecision, and closed near the previous session’s low, indicating that buying strength remained limited despite the intraday recovery.

Price action suggests that buyers are attempting to defend lower levels, but sellers continue to emerge on rebounds. Support is placed at 22,500–22,550, while resistance is seen at 22,800–22,850. RSI stood at 43.98, above its RSI average of 38.86, indicating some improvement in short-term momentum despite the negative close. However, Nifty remains below its key daily moving averages, so sustained buying would be needed to strengthen the recovery.

Sectorally, Pharma, PSU Banks and Healthcare were marginally positive, while Media, IT, FMCG, Auto and Oil & Gas faced selling pressure. PCR declined to 0.82, indicating a cautious derivatives setup. Call OI concentration was seen around 22,800–23,000, while Put OI was concentrated around 22,500–22,600. India VIX rose to 15.8175, suggesting a slight increase in market uncertainty.

Bank Nifty closed at 54,925.70, down 51.20 points (-0.09%). The index opened lower at 54,734.45 and initially declined to an intraday low of 54,459.35. Buying interest emerged thereafter, driving the index to an intraday high of 55,134.45. However, the index subsequently moved into sideways consolidation and closed at 54,925.70, above its opening level, reflecting a recovery from the initial weakness.

The daily candlestick indicates indecision, with buyers supporting the index at lower levels but facing selling pressure near the intraday high. RSI stood at 43.05, slightly below its RSI average of 43.48, suggesting that momentum remains subdued. Bank Nifty continues to trade below its key daily moving averages, keeping the broader technical setup cautious. Support is placed at 54,300–54,500, while resistance is seen at 55,200–55,500.

Among the key constituents, Federal Bank was a notable gainer, while HDFC Bank remained the major drag. The index’s recovery from the intraday low helped limit the overall decline, although a stronger move would require broader participation from heavyweight banking stocks.

Overall market bias remains cautious, with signs of stabilization at lower levels. Both indices recovered from their intraday lows, but doji-like price action and subdued momentum indicate a lack of strong directional conviction. Rising India VIX and a lower PCR suggest continued uncertainty, while selective buying could support further recovery if market participation improves

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