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Market Outlook

The Indian market witnessed another day of decline this week, as the benchmark Nifty50 index opened on a positive note and advanced towards the 23,100 zone. However, persistent selling pressure at higher levels dragged the index lower to 22,650 before a recovery in the final hour, which trimmed the losses and settled the index with a net decline of 0.34%. On the derivatives front, intensified call writing at the 23,000 and 23,100 strikes indicated an immediate overhead resistance zone. On the downside, major Put OI at the 22,600 and 22,500 strikes suggests an immediate support area. A sustained breakdown below this support band could trigger fresh bearish momentum, and the index could again retest the 22,200-22,000 zone.

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