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Market Outlook

The Nifty index witnessed a significant gap-down opening amid escalating geopolitical uncertainties and a surge in crude oil prices. On the weekly chart, the index is currently trading near the critical 24,000 level, which coincides with the 100-WEMA, making it a critical zone to hold, as any fall below this level could accelerate the selling pressure. From a derivatives perspective, the next weekly expiry data shows fresh call writing at the 24,000 strike, indicating it as a key contention zone between bulls and bears. Any decisive fall below this level could accelerate the decline towards 23,500, where the next major put writing has placed, likely acting as the next support level.

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