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Market Outlook

The Indian benchmark indices face the consolidation phase in the last week. However, during the final hour of Friday’s session, the Nifty50 index witnessed significant selling pressure, dragging the index lower towards the 23,500 zone and ending the week with losses of 0.72%. From the derivatives front, major call writing was observed at higher levels, particularly at the 23,800 and 24,000 strikes, indicating a strong overhead resistance zone. On the downside, the 23,500 mark is expected to provide an immediate downside cushion. Overall, the Indian market continues to maintain a cautious undertone, and any decisive break below the 23,500 level could further drag the index towards the 23200-23000 zone in the near term.

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