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Market Outlook

The benchmark indices maintained a cautious undertone for the second consecutive week, extending the ongoing consolidation phase. From a technical perspective, the 23,600-23,700 zones remains a critical resistance area for the Nifty, while the gap support near 23,150 is expected to provide immediate downside protection. On the derivatives front, fresh call writing was observed at the 23,500 and 23,700 strikes, highlighting a significant overhead hurdle for the index. On the downside, the 23,000 strike continues to hold the highest Put OI, indicating a firm support base and may cushion the decline. Overall, the market bias remains cautiously optimistic, with consolidation likely to continue in the near term.

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