The Nifty 50 ended the week at 24,426, posted a decline of nearly 2% on a weekly basis - Religare Broking Ltd
Market Outlook
The Nifty 50 ended the week at 24,426, posted a decline of nearly 2% on a weekly basis. The India VIX slipped over 3% to 11.75, indicating expectations of range-bound sessions ahead. For the upcoming weekly expiry, significant Call OI concentration at the 24,500 and 24,600 strikes suggests immediate resistance, levels that previously acted as strong support. On the daily chart, Nifty has witnessed a reversal from the 24,350 level in August, making it a key near-term support. However, a decisive breakdown below this level could accelerate further correction toward 24,150 and 24,000.
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