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Below the Quote on Post market commen for Thursday September 17 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Nifty closed at 23,270.60, up 53 points (+0.23%), after opening marginally lower by around 22 points at 23,195.25. The index showed buying interest almost immediately after the opening and touched an intraday low of 23,193.65, before recovering steadily to an intraday high of 23,363.55. However, profit booking emerged at higher levels, followed by consolidation during the latter part of the session, and Nifty finally closed at 23,270.60. The daily candle formed an Inside Bar pattern, with the upper shadow nearly equal to the candle body, reflecting indecision and selling pressure at higher levels despite the recovery during the session.

From a technical perspective, Nifty continues to remain in a weak broader structure, although today's recovery provided some stability near lower levels. RSI stands at 29.95 against its RSI Average of 33.93, keeping momentum weak and in the oversold zone. 23,000 remains the immediate critical/make-or-break level. Immediate support is placed at 23,000–23,120, while resistance is seen at 23,370–23,500. Options data shows Put OI concentration around 23,200–23,000, while Call OI concentration is around 23,300–23,500. PCR at 0.96 indicates a relatively balanced options setup, while India VIX declined to 12.29, indicating moderation in volatility.

Sectoral performance was broadly positive, with Pharma, Healthcare, MidSmall Healthcare, Realty, Media, Auto, Metal and FMCG among the major sectors showing strength. Bank, Private Bank, PSU Bank and Oil & Gas remained under pressure, while IT, Financial Services, Consumer Durables, Cement and other select sectors traded relatively sideways to mixed. The broader market participation was comparatively supportive, although weakness in the banking space limited the overall upside.

Bank Nifty closed at 56,055.75, down 236.70 points (-0.42%). The index opened higher by around 119 points at 56,126.60 and initially witnessed buying interest, pushing it to an intraday high of 56,570.45. However, profit booking emerged sharply from the day's high, dragging the index to an intraday low of 56,038.50, representing a decline of more than 530 points from the day's peak, before it closed at 56,055.75. The daily candle formed a bearish rejection candle with a long upper shadow, highlighting strong selling pressure at higher levels. Bank Nifty needs to sustain above the 55,500–55,700 support zone, while 56,300–56,500 remains the immediate resistance area.

The overall market bias remains cautious, as Nifty managed a marginal recovery but faced selling pressure at higher levels, while Bank Nifty witnessed a sharp intraday reversal. Nifty's oversold RSI provides scope for intermittent technical rebounds, but the bearish price structure and rejection at higher levels indicate that sustained buying participation is still required for a stronger recovery.

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