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Market Outlook

Nifty traded on a volatile note after positive but faced rejection near the 25,600 mark, which drifted lower towards 25,400 and eventually settled at 25,496, indicating range-bound movement of nearly 200 points during the session. On the derivatives front, fresh call writing was observed at the 25,600 strike, while put writing emerged around the 25,400 level, suggesting 25,500 as the immediate tug-of-war zone between bulls and bears. Overall, market sentiment looks sideways. A decisive breakout from the prevailing range is required to decide the next leg of direction. On the downside, the 25,200–25,250 zones are likely to act as the next key support, whereas 25,800 stand as a strong overhead resistance.

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