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Market Outlook

The Indian benchmark indices witnessed a volatile trading session, as the key Nifty 50 index started the day with a significant gap-down opening but gradually erased most of the losses led by recovery in private banking counters. Meanwhile, the IT pack remained resilient throughout the session, helping the index settle on a flattish note. On the derivatives front, fresh put writing was observed at the 23,500 and 23,400 strikes, indicating immediate downside support. On the upside, significant call OI placed at the 23,800 and 24,000 strikes highlights an immediate and strong resistance zones, suggesting that any recovery towards these levels may continue to face some profit taking.

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