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Market Outlook

The Indian market extended its profit taking for the third consecutive session amid rising crude oil prices due to geopolitical concerns. The benchmark Nifty 50 index declined 0.79%, slipping below the crucial 24,000 mark. Significant selling pressure in private banking counters, put pressure on the Nifty index. On the derivatives front, fresh Call writing witnessed at the 24,100 and 24,200 strike, which indicates an immediate resistance zone. However, from a technical perspective, the 23,800 level continues to act as a crucial support, where a shortterm reversal could occur. Overall, the broader range-bound structure remains intact, and only a decisive breakdown below 23,800 is likely to trigger fresh downside momentum.

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