Quote on Sensex Choice Equity Broking Private Limited for Saturday October 24 by Sachin Gupta, VP-Technical Research at Choice Broking
Below the Sensex quote by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited,
The Indian equity benchmark, BSE SENSEX, settled at 73,123.83, down 125.56 points, marking a decline of 0.17% for the session. The index opened at 73,665.64, touched an intraday high of 73,766.51, and slipped to a low of 72,452.37, reflecting significant volatility and selling pressure at higher levels before recovering from the day's lows.
Looking at the broader price structure, the 72,300–72,500 zone is the immediate support area, while resistance is placed around 73,500–73,800. The index remains within a broader range of 72,300–73,800, suggesting a sideways bias with a negative undertone. A sustained move beyond either boundary will be important in determining the next directional trend.
Across the sectoral landscape, BSE Healthcare showed relative resilience compared with the broader market. In contrast, BSE Metal, BSE Capital Goods, BSE Realty, BSE Utilities and BSE Commodities were among the major laggards, reflecting widespread selling pressure across several key sectors. Weakness in cyclical and industrial stocks weighed on overall market sentiment.
From a technical standpoint, the SENSEX opened with a gap-up of around 416 points but encountered resistance soon after the opening, triggering a sharp sell-off. The index slipped below the previous session's range and the 73,000 level, while the 72,500 zone provided support, leading to a mild recovery and the formation of a lower wick on the daily candle. On a weekly basis, the index declined by 2.15%, highlighting continued weakness. The RSI stands at 45.70, while its moving average is at 42.74, indicating that momentum remains below the neutral 50 mark.
In the derivatives segment, the highest put open interest for the first session of the next expiry is concentrated at 72,500 PE, followed by 73,000 PE, indicating potential support from put writers. On the upside, 73,500 CE holds the highest call open interest, making it an important resistance level. The PCR of 0.90 points to a cautious market setup, with call-side positioning relatively stronger than put-side positioning. These strikes will remain important reference levels for the next trading session.
Going forward, the SENSEX is likely to maintain a sideways trend with a bearish undertone, as repeated selling at higher levels and the weekly decline continue to weigh on sentiment. Holding above 72,300–72,500 will be crucial for stabilisation, while a decisive break below this zone could trigger further downside. On the upside, the index needs to reclaim 73,500–73,800 to improve the technical outlook. Until then, traders should remain cautious and monitor price action around the key support and resistance levels."
Above views are of the author and not of the website kindly read disclaimer
