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Market Outlook

The Nifty index extended its decline for the second consecutive session, falling nearly 1%. On the daily chart, the index closed below its recent swing low of 23,700, signalling a strong bearish outlook for the upcoming sessions. If the weakness persists, the index may drift lower towards the 23,400–23,300 support zone. On the derivative front put writing was observed at the 23,600 strike, while call writing emerged at the 23,700 strike, indicating a contention range. A decisive breakout on either side of this range is likely to determine the next directional move. Overall, market sentiment remains negative, with a sell-on-rise strategy favoured until the index decisively reclaims the 24,000 level.

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