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Market Outlook

Yesterday, the Indian markets extended their corrective tone on the monthly expiry day, with the benchmark Nifty 50 index declining by 0.34%. On the derivatives front, OI data for the weekly expiry of July series indicated fresh call writing at the 24,000 and 24,100 strikes, highlighting an immediate resistance zone. Meanwhile, put writing was witnessed at the 23,800 strike, suggesting a crucial support level. Any sustained decline below 23,800 could extend the corrective move towards the 23,700-23,650 zone, which aligns with the immediate gap support area. Overall, the upside remains capped near the 100-DEMA zone, while lower levels are likely to attract buying interest, indicating a continuation of the range-bound market structure.

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