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Market Outlook

The positive momentum in the Indian equity market continued for the sixth consecutive trading session, with the benchmark Nifty 50 opening firmly above the 24,000 mark and extending its upward trajectory towards the 24,500 zone. The index eventually closed with an impressive gain of 2.4%. Banking counters played a pivotal role in driving the rally, outperforming the broader indices with gains of over 3%. On the derivatives front, fresh Put writing at lower strikes, coupled with Call unwinding, indicates strengthening bullish positioning and supports the possibility of further upside in the near term. From a technical perspective, the last day's low near 24,300 is likely to act as immediate support.

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