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Market Outlook

The Nifty index witnessed a sharp recovery from the 22,500 level during the past week, gaining nearly 6% and closing above the 24,000 mark. This reversal indicates a potential base formation for the near term. From a technical standpoint, the 50-week EMA is positioned in the 24600–24700 zone, which may act as an immediate hurdle and lead to some consolidation. However, a decisive breakout above this zone could pave the way for further upside towards the 25,200 level. On the derivatives front, significant call writing is aligned with the 25000 strikes, highlighting strong overhead resistance. Meanwhile, notable put writing at the 23,000 strike suggests that this level is likely to act as a key support in the near term.

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