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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 72,638.70, declining 429.11 points (-0.59%). The index opened at 72,965.38, touched a high of 73,018.82 and slipped to an intraday low of 72,468.72. After opening lower, the benchmark remained under pressure and failed to sustain above the 73,000 mark, resulting in a weak close and extending the cautious tone in the market.

On the price-action front, the 72,000–72,300 zone remains the immediate support area, while 73,000–73,200 is the key resistance band. The broader trading range stands between 72,000 and 73,200, with the overall bias remaining sideways. A sustained move above 73,200 could improve the short-term structure, whereas a break below 72,000 may bring renewed selling pressure.

Sector-wise, Housing Finance, Telecom, PSU Banks and Hospitals were among the key sectors showing relative strength during the session. On the other hand, Metal, Consumer Durables, Realty, Auto and Information Technology remained under pressure and acted as major drags on the broader market. The mixed sectoral performance suggests selective buying, but weakness across several heavyweight sectors kept the benchmark subdued.

From a technical perspective, the Sensex opened with a 102-point gap-down and traded within a range during the session. The 73,000 zone continued to act as a major intraday hurdle, with the index facing selling pressure around this level. The benchmark eventually ended with a bearish daily candle, reflecting continued supply at higher levels. RSI at 35.60 remains below the stronger momentum zone, although it is above its RSI-based MA of 32.19, indicating some improvement in momentum despite the weak price action.

Options data shows the highest Put OI at 72,600, followed by 72,500, where option writers are active and are likely to provide immediate support. On the upside, 73,000 Call writers continue to hold the highest OI concentration of around 1.45 lakh contracts, making this a significant resistance zone. The concentration of Call OI near 73,000 suggests that the index may face difficulty sustaining gains above this level. With PCR at 1.07, the options setup remains relatively balanced, making the 72,500–73,000 zone important for the next directional move.

Looking ahead, the Sensex continues to trade within a sideways structure, with the 72,000–72,300 support zone crucial for maintaining stability. A decisive move above 73,000–73,200 could strengthen buying interest and open the way for further recovery, while a sustained break below 72,000 may revive the bearish momentum. For now, the index remains caught between strong Put support and Call resistance, suggesting that traders should wait for a clear breakout or breakdown before taking aggressive directional positions."

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