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Market Outlook

The Indian market witnessed volatility on the weekly expiry day; however, the broader structure remained range-bound. The key benchmark Nifty50 index experienced a roller-coaster session, with buying interest emerging near the 24000-23950 zones, while profit-taking was witnessed at 24150. From a technical perspective, the overall structure continues to indicate a cautious undertone, as the index is trading within a falling channel pattern. On the derivatives front, the upcoming weekly expiry data indicates intensified call writing at the 24100 and 24200 strikes, suggesting an immediate resistance zone. Meanwhile, the absence of significant put writing at lower strikes indicates limited downside support and reflects continued selling pressure.

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