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Below the Quote on Post market comment for Wednesday July 15 by Sachin Gupta, VP – Technical Research at Choice Broking

Nifty 50 ended the session at 24,078.50, up 26.45 points (+0.11%), after a highly volatile trading session. The index opened marginally higher by around 34 points at 24,085.85 and witnessed strong buying interest during the first half, rallying to an intraday high of 24,220.35. However, the gains could not be sustained as profit booking emerged from higher levels, dragging the index sharply lower to an intraday low of 24,010.55. Buying interest near the lower levels helped the index recover part of the losses, allowing it to close with marginal gains. Intraday price action indicates continued selling pressure near resistance, while buyers remained active on dips, resulting in a volatile range-bound session.

Technically, Nifty formed a small-bodied candle with long shadows on both sides, reflecting indecisiveness and a tug-of-war between bulls and bears. Despite the intraday volatility, the index continues to hold above its short-term moving average support, indicating that the broader recovery structure remains intact. Sector-wise, Pharma, PSU Bank, Cement and Oil & Gas stocks witnessed buying interest, while IT, FMCG, Metal and Realty remained among the key laggards, keeping the overall market sentiment mixed. Immediate support is placed at 23,900–23,950, while 24,250–24,300 remains the key resistance zone. A sustained move above this hurdle could improve short-term sentiment.

The RSI edged higher to 52.31, holding above the neutral 50 mark and indicating that bullish momentum remains intact despite the volatile session. The momentum oscillator suggests the index is maintaining a positive bias, although follow-through buying above resistance will be crucial for further upside. In the derivatives segment, the Nifty PCR stood at 1.08, reflecting a mildly bullish undertone. Significant Call Open Interest was concentrated at the 24,100 and 24,200 strikes, while notable Put Open Interest remained at the 24,100 and 24,000 strikes, highlighting a strong support base near the 24,000 zone. Max Pain remained at 24,100 throughout the session, indicating this level continues to act as the market's equilibrium point.

Bank Nifty closed at 57,757.85, gaining 295.55 points (+0.51%) amid a volatile trading session. The index opened higher by around 181 points at 57,643.75 and rallied sharply in early trade to touch an intraday high of 58,148.80. However, profit booking in the second half erased most of the gains, dragging the index to an intraday low of 57,545.20, before it recovered marginally to close in positive territory. Relative strength in PSU banking stocks, compared to private banks, helped Bank Nifty end the session with modest gains.

Technically, Bank Nifty formed a small-bodied candlestick with a long upper shadow, indicating selling pressure at higher levels despite the positive close. The index continues to trade above its key medium-term moving averages, suggesting the broader trend remains constructive. Support is placed at 57,300–57,500, while 58,100–58,200 remains the immediate resistance zone. A sustained move above the resistance could revive bullish momentum, whereas failure to hold the support zone may trigger renewed profit booking.

Overall, the broader market bias remains cautiously positive despite heightened volatility, as both Nifty 50 and Bank Nifty continued to close in positive territory while holding above key moving average supports. However, persistent profit booking at higher levels indicates that bullish momentum is facing resistance. As long as buying interest on declines continues, the broader trend is likely to remain constructive, with a stock-specific and buy-on-dips approach expected to dominate in the near term.

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