Daily Derivative Report - 16th October 2026 by Religare Broking Ltd
Market Outlook
The Indian market witnessed a strong rally, supported by robust buying in heavyweight counters. The benchmark Nifty50 index opened on a positive note and extended its gains towards the 23,050 zone before witnessing profit booking in the final hour. Nifty50 index settled near the 23,000 zone with a gain of 1.66%. On the derivatives front, fresh put writing at the 22,900 and 22,800 strikes indicates an emerging support base. Meanwhile, call unwinding at the 23,000 strike signals easing resistance and supports the possibility of further upside. However, the 23,500 strike remains a crucial hurdle due to significant call OI buildup.
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