IGI Logo

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

"The benchmark index witnessed a weak session, with the BSE SENSEX closing at 73,246.03, down 352.64 points (-0.48%). It opened at 73,253.44, touched an intraday low of 72,603.57, and made a high of 73,525.44. Despite recovering from the day's lows, the index remained under pressure and ended the session in negative territory.

On the key technical levels, the 72,600–73,000 zone remains the immediate support area, while resistance is placed around 73,500–73,800. The broader trading range stands at 72,600–73,800, indicating a sideways market structure. A sustained move above resistance could support a recovery, whereas a decisive break below support may trigger further weakness.

Looking at sectoral performance, BSE Healthcare, BSE Auto, BSE Consumer Durables and BSE Industrials were among the major gainers. Conversely, BSE Information Technology, BSE Focused IT, BSE Oil & Gas, BSE Energy and BSE Telecommunications were among the key laggards. Gains in healthcare and auto stocks provided some support, while weakness in IT and energy-related sectors weighed on overall market sentiment.

The intraday chart indicates that the SENSEX opened with a gap-down of around 345 points and initially declined before reversing sharply from the rising trendline on the hourly timeframe. However, the recovery faced resistance near the 73,500 zone, and the index closed close to its opening level, forming a doji-like daily candle that signals indecision between buyers and sellers. The RSI stands at 46.60, while its moving average is at 45.63, indicating subdued momentum with the RSI marginally above its average.

Options data highlights 73,000 PE as the key support strike, with increased put writing suggesting buying interest around this level. On the upside, 73,500 CE continues to hold the highest call open interest, making it an important resistance zone. The PCR of 1.23 indicates relatively stronger put-side positioning, which may offer some support to the index. However, a sustained move above 73,500 will be necessary to confirm a stronger recovery.

For the coming session, the SENSEX is likely to maintain a sideways trend with a cautious undertone, as resistance near 73,500 continues to limit the recovery. Holding above 72,600–73,000 will be crucial for stabilisation, while a breakdown below this support zone could invite further selling pressure. On the upside, a sustained move above 73,500–73,800 may improve sentiment and support further gains. Until a decisive breakout or breakdown occurs, traders should remain selective and monitor these key levels closely."

Above views are of the author and not of the website kindly read disclaimer