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Market Outlook

The Nifty witnessed a breather session, closing more than 1% higher, after retesting the crucial 23000-22900 support zone. However, on the upside, the 23,500-23,600 range continues to act as an overhead resistance. So that until the Nifty index delivers a decisive close above this zone, the overall bias is likely to remain negative, with a sell-on-rise approach continuing to dominate the near-term outlook. On the derivatives front, fresh put writing was observed at the 23,300 and 23,200 strikes, indicating the formation of an immediate support base. Meanwhile, major call OI has positioned at the 23,500 strike, suggesting that this level could act as an immediate resistance.

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