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Market Outlook

The Indian market witnessed robust recovery during the last week, with the benchmark Nifty50 index extending its rally across all five trading sessions and settled the week with gains of 2.59%. However, the banking index continued to lag the broader market, registered the gain of only one percent. On the derivative front, fresh put writing at lower strikes indicates sustained buying interest and reinforces the continuation of the prevailing uptrend. However, significant call OI at the 24,500 and 24,600 strike levels suggests immediate resistance, which could limit further upside in the near term. Overall, the market bias remains sideways to positive in the coming sessions.

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