Daily Derivative Report 6th May 2026 by Religare Broking Ltd
Market Outlook
On Tuesday, Nifty index opened on a negative note and extended its corrective phase in the first half, retesting the 23,900 zone. However, an intraday recovery helped the index rebound and settle above the 24,000 mark. From a technical perspective, the market continues to exhibit a sideways undertone, as the index hover between its key EMA levels, indicating a lack of clear direction. On the derivatives front, data for the upcoming weekly expiry shows fresh OI buildup at the 24,000 strike on both call and put sides, highlighting it as a strong zone of contention. Overall, the index is likely to remain range-bound in the near term. A decisive breakout on either side will set the next directional trend, where 23,800 acting as downside cushion and 24,300 act as an upside hurdle.
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