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Below the Quote on Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited

"The BSE Sensex closed at 74,336.45, gaining 332.63 points (0.45%). After opening at 74,249.31, the index touched a high of 74,505.86 and a low of 73,981.33. Despite the gap-up opening, the benchmark struggled to sustain momentum above 74,500, reflecting continued selling pressure at higher levels.

The 74,000 zone provided intraday support, while the index faced resistance near 74,500. The broader support and resistance levels remain at 73,500–74,000 and 74,800–75,000, respectively. The overall market bias continues to be sideways to bearish.

Sector-wise, FMCG, PSU Banks, Bankex, Oil & Gas, Auto and Metal were among the key gainers. Meanwhile, Focused IT, Information Technology, Telecom, Power and Industrials remained under pressure, reflecting mixed sectoral participation.

During the session, the Sensex opened 245 points higher but faced rejection near 74,500 in the first five minutes. The 74,000 level acted as support, while repeated attempts to cross 74,500 failed. The index formed a small-bodied green Doji candle, indicating indecision. RSI stood at 29.87, below its RSI-based MA of 36.29, highlighting weak momentum.

Options data shows strong Put OI around 74,300, followed by 74,000, indicating immediate support zones. On the upside, Call OI is concentrated at 74,500, followed by 75,000, creating resistance levels. With PCR at 1.06, the options setup remains relatively balanced, but price action will determine the next move.

Overall, the Sensex continues to maintain a sideways-to-bearish outlook, with the 73,500–74,000 zone acting as a crucial support area. Sustaining above 74,500 could encourage buying interest and support a recovery towards 74,800–75,000, while a decisive break below 74,000 may trigger further selling pressure. Traders should closely monitor price action around the key support and resistance levels, along with changes in OI concentration, before taking fresh directional positions."

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