The Nifty 50 settled at 24,734, erasing most of the early gains from a strong gap-up opening as profit booking dominated the session - Religare Broking Ltd
Market Outlook
The Nifty 50 settled at 24,734, erasing most of the early gains from a strong gap-up opening as profit booking dominated the session. On the derivatives front, significant Call OI build-up at the 24,800 and 24,900 strikes indicates immediate resistance, while Put OI concentration at 24,700 suggests an immediate support level. On the daily chart, the index encountered selling pressure near the 25,000 mark and formed a bearish Marubozu candle, reflecting negative bias. A decisive breach below 24,700 may trigger a further decline towards 24,500, where notable Put OI positioned.
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