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Market Outlook

During the last week, the Indian market witnessed sustained broadbased selling across most sectors, where the benchmark Nifty 50 index surrendered a significant portion of its preceding week’s gains and declined by more than 2 percent. The banking index also registered an extended decline of nearly 3 percent, adding to the weakness in broader indices. On the derivatives front, put unwinding coupled with fresh call writing at the 22,600 and 22,700 strikes indicated immediate overhead resistance. From a technical perspective, the bearish bias remained intact as long as the Nifty traded below the 22,900 zone. On the downside, put writing activity at the 22,400 strike highlighted an immediate base.

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