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Market Outlook

The Nifty50 index witnessed a renewed bullish momentum as it started the session with a gap-up opening and extended its gains throughout the day, finally settling above the crucial 24,000 mark. From a technical perspective, as long as the index sustains above this level, the bullish bias is expected to remain intact, with upside potential towards the 24,300 and then the 24,500 levels. On the derivatives front, fresh put writing was observed at the 23,900 and 24,000 strikes, indicating immediate downside support. Meanwhile, significant call OI at the 24,400 and 24,500 strikes highlights a near term resistance zone. Overall, the broader trend looks positive and buy on dip strategy remains prudent for the near term.

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