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Market Outlook

The Nifty index witnessed a strong gap-up opening above the crucial 23,500 mark and extended its gains toward the 24,000 level, ultimately closing with an impressive rise of nearly 4%. On the derivatives front, fresh put writing was observed at lower levels, particularly at the 23,900 and 23,800 strikes, indicating an immediate support zone. While on the upside, significant call OI has placed at the 25000 strikes, suggesting strong overhead resistance zones. From a technical perspective, the 50-DEMA is placed around the 24,200 mark. A sustained move above this level could further strengthen the recovery and pave the way for an upside extension towards the 24,500 zone in the near term

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