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Market Outlook

The Nifty50 index witnessed a volatile session on the monthly expiry day, where profit booking emerged near the 24,100 zone, dragging the index lower towards the 23,900 mark. The benchmark erased all its early gains and settled the day with losses of half percent. For the next weekly expiry, derivative data witnessed fresh call writing at the 24,000 strike, indicating immediate resistance, while major put writing was placed at the 23,800 and 23,500 strikes, suggesting an immediate and strong downside support. Overall, the Indian market continues to remain in a broader consolidation phase; however, the undertone stays positive with a “buy on dips” approach as long as the key benchmark index sustains above the crucial 23,800 mark.

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