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Market Outlook

The Nifty extended its gains and settled at 25,713 with reclaiming its key 50-DEMA, indicating some improvement in market sentiment. On the derivatives front, the February series witnessed significant put writing at the 25,700 strike, forming a break or break area. While on the upside, major call OI buildup is visible at the 25,800 and 26,000 strikes, indicating a barrier zones. For now holding above 25,700 could pave the way for an upside move towards 25,800 and any decisive breakout above 25,800 may trigger short covering in call positions, potentially extending gains towards the 26,000 mark. However, failure to hold this critical zone may lead to fresh call writing, increasing the likelihood of the index retest its immediate support zone of 25,600–25,500.

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