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Below the Quote on Post market commen for Tuesday October 13 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equities witnessed a strong bullish session on 13 October, with the Nifty closing at 22,721.95, up 358.60 points (+1.60%). The index opened nearly flat at 22,364.15 and touched an intraday low of 22,288.45 during the opening minutes, before witnessing sharp buying interest. Strong upside momentum continued throughout the session, lifting the index to its day’s high of 22,721.95, where it eventually closed. The daily candle formed a strong bullish pattern, engulfing the previous two sessions’ trading range and reflecting a significant improvement in buying momentum.

The RSI stands at 43.43, above its average of 31.90, indicating strengthening momentum following the recent oversold conditions. The immediate support zone is placed at 22,500–22,550, while resistance is seen around 22,850–23,000. A sustained move above this resistance zone could support further recovery.

The Put-Call Ratio (PCR) stands at 1.02, while India VIX declined to 14.0400, down 1.2125, suggesting easing market volatility. Sectoral participation was broadly positive, led by IT, Realty, FMCG, Auto and Metal. Nifty IT was the highest gainer, rising 5.22%, while Nifty Pharma was the only sector to close marginally lower, down 0.01%, remaining almost flat.

Bank Nifty closed at 55,481.05, up 563.05 points (+1.03%). The index opened nearly flat at 54,907.55 and touched an intraday low of 54,735.95 during the opening minutes, after which strong buying interest emerged. Following a minor retracement during the session, the index resumed its upward momentum and rallied to an intraday high of 55,551.75 before closing at 55,481.05. The bullish daily candle and close near the day’s high indicate sustained buying interest and an improvement in short-term sentiment.

Among the constituents, IndusInd Bank was the top gainer, rising 2.85%, while Kotak Mahindra Bank and IDFC First Bank remained relatively weak and closed in the red, with losses of around 0.80%–1.00%. The RSI stands at 48.22, above its average of 38.35, indicating improving momentum and a gradual recovery in buying strength. Immediate support is placed at 54,750–55,000, while resistance is seen around 55,800–56,000. A sustained move above the resistance zone could support further upside, while holding the support zone remains important for maintaining the recovery.

The overall market bias has improved to cautiously bullish following the strong recovery in Nifty and Bank Nifty. Nifty’s bullish candle, close at the day’s high, improving RSI and broad-based sector participation indicate strengthening buying momentum, while the decline in India VIX suggests easing volatility. However, both indices need to sustain their recovery and overcome their respective resistance zones to confirm further upside. Near-term sentiment remains positive as long as key support levels hold, although intermittent profit booking cannot be ruled out.

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