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Below the Quote on Sensex by by Hitesh Tailor, Technical Research at Choice Equity Broking Private Limited

"The BSE Sensex closed at 74,315.61, gaining 1,533.72 points (+2.11%). The index opened at 72,965.80, touched a high of 74,330.29 and a low of 72,896.38. Strong buying interest throughout the session lifted the benchmark sharply, helping it recover above key psychological levels and record a strong positive close.

The immediate support zone is placed at 73,500–73,800, while resistance is seen around 74,700–75,000. The broader trading range stands at 73,500–75,000, with the market bias shifting to sideways-to-bullish. Sustaining above the support zone could help preserve the recovery, while a decisive move above 74,700 may open the way for further upside towards 75,000.

Sector-wise, BSE Top 10 Banks, Auto, Information Technology, Focused IT, Oil & Gas and Financial Services were among the key gainers. In contrast, BSE Capital Goods, Industrials, PSU Banks and Power remained under pressure. The strength in banking, technology and auto stocks supported the broader market rally, although weakness in select sectors reflected some divergence in sectoral participation.

From a technical perspective, the Sensex opened around 183 points higher and extended its gains after the first hourly candle closed strongly above the crucial 73,000 and 73,500 levels. The index also closed above its 20-day EMA, forming a strong bullish daily candle and signalling an improvement in near-term momentum. The RSI climbed to 53.58, well above its RSI-based moving average of 35.23, indicating strengthening buying momentum.

On today’s expiry, options data indicates that 74,300 PE is an immediate support level, followed by 74,000 PE, which holds approximately 2.84 lakh contracts—the highest concentration on the option chain. This substantial Put OI suggests that option writers are positioning around 74,000 as an important support zone. The PCR stands at 1.08, indicating a relatively balanced options setup with a slight positive undertone. Traders should monitor changes in Put and Call OI to assess whether the recovery can sustain.

Overall, the Sensex outlook has improved considerably following the strong rally and the breakout above the 73,000–73,500 zone. If the index sustains above 73,500–73,800, buying interest could continue and push it towards the 74,700–75,000 resistance band. A decisive breakout above 75,000 would further strengthen the bullish setup, while failure to hold the immediate support zone could lead to profit-booking or consolidation. Traders should watch the index’s ability to sustain its recent gains before taking fresh directional positions."

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