Closing Bell: Sensex settles flat after 1,101-pt intraday swing; Nifty below 24,150; Britannia cracks 6%, Zomato up 4%

​A small bullish candle was formed on the daily chart with a long upper shadow. Technically, this pattern indicates an inability of bulls to sustain the upside bounce. Though the market declined in the last couple of sessions, the sharp downside momentum was absent. This market action could bring some hope for bulls to make a comeback from the lows.

The underlying trend of Nifty remains choppy with weak bias. The market is moving in a broader high low range of 24,600-23,800 levels. Having declined from the upper range recently, Nifty is expected to witness an upside bounce from near the lower range of 23,800 levels in the short term. Immediate resistance to be watched around 24,300, said Nagaraj Shetti of HDFC Securities.

In the open interest (OI) data, the highest OI on the call side was observed at 24,300 and 24,200 strike prices, while on the put side, the highest OI was at 24,000 strike price followed by 24,100.