Daily Derivative Report - 22nd May 2026 by Religare Broking Ltd
Market Outlook
The Nifty50 index started the session with a gap-up opening but failed to sustain at higher levels, as profit booking remain continued from the morning. The index continued to form a lower lows, lower highs structure on the intraday chart and eventually settled with marginal losses after erasing all its opening gains. From the derivatives perspective, fresh call writing was witnessed at the 23,700 and 23,800 strikes, indicating an immediate resistance zone. On the downside, the 23,500-23,400 zone is expected to provide a downside cushion and may witness a reversal. Overall, the broader consolidation phase remains intact, as the Indian market lacking any decisive directional momentum.
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