IGI Logo

Market Outlook

The Indian market witnessed some profit booking on Friday after five consecutive sessions of gains, with the benchmark Nifty 50 index ending the week at 24,013, registering an overall weekly gain of 1.65%. From the derivatives front, call writing intensified at the 24,200 strike, indicating a strong resistance zone, while put writing remained firm at the 23,900 and 23,800 strikes, suggesting a supportive base for the index in the near term. On the daily chart, the 100-DEMA continues to act as an immediate resistance zone, while the 50-DEMA remains a crucial support level on the downside. As long as the index sustains above the 23,800 mark, the positive momentum is likely to remain intact, with the potential to move towards the 24,500 level.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ00017433