Quote on Sensex by Sachin Gupta, VP - Technical Research at Choice Equity Broking Private Limited
Below the Quote on Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited
"The BSE Sensex closed at 81,879.40, gaining 772.75 points (+0.95%) during the session. The index opened at 82,248.68, touched an intraday high of 82,520.40 and a low of 81,417.39. Despite witnessing sharp volatility and profit booking at higher levels, the benchmark managed to finish in positive territory.
From a price-action perspective, the immediate support zone is placed at 81,300–81,500, while resistance is seen around 82,400–82,500. The broader trading range is 81,300–82,500, with the near-term bias remaining sideways to bullish. A sustained move above 82,500 could support further recovery, while holding the 81,300–81,500 zone will be important to maintain the positive bias.
Sectoral performance was largely positive, led by BSE BANKEX, Auto, Capital Goods, Consumer Durables and Metal, which emerged as the major contributors to the broader market gains. PSU Banks and Oil & Gas also witnessed buying interest. On the other hand, Focused IT, Information Technology, Healthcare and Realty remained among the key lagging sectors, indicating selective weakness despite the overall positive market trend.
Technically, the Sensex opened with a sharp gap-up of around 1,142 points but formed a doji candle during the first hour, indicating indecision near higher levels. The 82,500 zone attracted significant profit booking, followed by a sharp decline after the index slipped below 82,000 and filled the opening gap near 81,400 before recovering towards the close. The RSI stood at 81.34, above its RSI-based moving average of 63.91, indicating strong momentum but also highlighting an overbought condition where intermittent profit booking cannot be ruled out.
In the derivatives segment, the highest put open interest is concentrated at 81,500 PE, indicating an important support zone, while 82,000 CE holds the highest call open interest and may act as an immediate resistance. The PCR stood at 1.21, suggesting a relatively positive positioning in the options market.
Overall, the recovery remains encouraging, but the index needs to sustain above 82,000 and decisively clear 82,500 to extend its upward momentum. Until then, volatility and profit booking may persist, making the 81,300–81,500 support zone crucial for the next session."
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