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Market Outlook

The Nifty 50 closed at 24,768, rebounding sharply from the 24,600 support zone but faced pressure near 24,950. India VIX rose 3% to 11.54, indicating increased market volatility. On the derivatives front, significant OI build up at the 24,600 and 24,500 Put strikes signals strong support, while the 25,000 Call strikes OI build up indicates a hurdle. On the daily chart, an inverted hammer pattern has emerged on the daily chart, suggesting potential upside, but a strong bullish sentiments are there only if the index witnesses a breakout above 25,000 and sustains above this level.

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