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

"Sensex closed at 74,858.99, gaining 564.03 points (+0.76%). After opening at 74,535.18, the index touched a high of 74,987.40 and a low of 74,454.18. The benchmark maintained a positive tone throughout the session and gradually extended its gains, ending close to the 75,000 mark.

Price action remained positive, with the index approaching the key resistance zone of 75,000–75,500. The broader support is placed at 74,000–74,450, while the 74,000–75,500 zone remains the key trading range. Despite the strong recovery during the session, the overall bias remains sideways until the index gives a decisive breakout above resistance.

Sector-wise, Realty, Consumer Durables, Healthcare and Housing Finance showed notable strength during the session. Meanwhile, Telecommunication and MidSmall Private Banks remained under pressure. The mixed sectoral performance indicates selective buying interest across the broader market.

During the session, the Sensex opened with a 240-point gap-up and gradually increased its gains, forming a strong green candle on the daily timeframe. Momentum showed improvement, with RSI at 38.58, above its RSI-based MA of 33.76, indicating a gradual recovery in buying momentum, although the index remains below the stronger momentum zone.

Options data shows the highest Put OI concentrated at 74,700 PE, followed by 74,500 PE, where option writers are active and may provide immediate support. On the higher side, the strongest Call OI is visible at 75,000 CE, with call writers likely acting as a resistance around this level. The PCR stands at 1.47, indicating relatively stronger Put positioning and supporting the near-term base. A sustained move above 75,000 would be important for further upside, while failure to cross this level may keep the index within the prevailing range.

Overall, the Sensex is likely to maintain a sideways outlook, with 74,000–74,450 acting as the key support zone and 75,000–75,500 as the major resistance area. Sustained buying above 75,000 could improve the short-term price structure, while a break below 74,000 may increase selling pressure. Traders should monitor the key OI levels and wait for a decisive breakout or breakdown before taking fresh directional positions."

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