Daily Derivative Report - 21th May 2026 by Religare Broking Ltd
Market Outlook
The Indian market witnessed a recovery-led session after a gap-down opening and eventually settled with marginal gains, indicating a range-bound undertone. The benchmark Nifty50 index continued to trade within a 400 points band during this week, with immediate support placed near the 23400-23500 zone, while resistance is seen around 23700-23800. Similarly on the derivatives front, fresh put writing was observed at the 23400 and 23500 strikes, while significant Call OI placed at the 23800 and 24000 strikes. Overall, the market continues to witness a solid consolidation structure, and a decisive breakout on either side of the range will be crucial in determining the next directional move.
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