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Market Outlook

The Nifty concluded the week with a decline of 1.54%, registering a decisive close below its key long-term moving average of 200-DEMA, indicating sustained selling pressure in the near term. On the daily chart, the next leg of the decline appears aligned with the gap zone of 25,100–25,000 range and any breach below this zone could extend the fall toward 24,800 levels, which is likely to act as a base level and may trigger a minor relief bounce. On the derivatives front, fresh call writing was observed at the 25,300 and 25,400 strikes, highlighting an immediate resistance band, while on the downside, major put OI at the 25,000 strike is expected to provide near term support.

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