The Nifty index traded on a negative note with decline of 0.52% and settled the day at 25,642 - Religare Broking Ltd
Market Outlook
The Nifty index traded on a negative note with decline of 0.52% and settled the day at 25,642. On the daily chart the price action indicates some exhaustion after the recent rally, as profit-taking emerged at higher levels and reflects a cautious approach for the near term. On the derivatives front, fresh call writing was observed at the 25,700 and 25,800 strikes, highlighting immediate resistance zones for the index. On the downside, major put OI is positioned at the 25,500 strike, making it a crucial support level. Sustaining above this zone is essential to revive upside momentum, while a breach may lead to further weakness.
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