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Market Outlook

Indian markets began the July series on a positive note, with the benchmark Nifty 50 index gaining nearly half a percent amid mixed global cues. After a firm opening, the index witnessed a gradual up move throughout the session and settled above the 24,000 mark, reflecting resilient buying behaviour. On the derivatives front, fresh put writing was observed at the 23,900 and 24,000 strikes, while the major call writing remain aligned with the 24,000 and 24,200 strike, highlighting a congestion zone for the near term. Overall, the market continues to lack a decisive directional trend and remains confined within the narrow consolidation range of 23,800 to 24,200. A sustained breakout or breakdown is likely to determine the next directional move.

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