Daily Derivative Report - 21th July, 2026 by Religare Broking Ltd
Market Outlook
The key benchmark indices remained under pressure as the Nifty 50 opened with a gap-down and traded within a narrow range for most of the session, settled the day at 24,238 with a decline of 0.39%. On the derivatives front, fresh Call writing witnessed at the 24,300 and 24,500 strikes suggesting an immediate overhead resistance zone. Meanwhile on the downside, significant Put OI at the 24,100 and 24,000 strikes provides an immediate downside cushion. Overall, the index is expected to remain range-bound within a broader range of 500-points over the coming sessions. Hence, “buy the dips, sell the rise“ approach appears prudent until a decisive breakout or breakdown emerges.
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