Nifty Ends Week Nearly 1% Lower Amid Selling Pressure - Religare Broking Ltd
Market Outlook
The benchmark Nifty 50 index witnessed sustained selling pressure during the last week and settled with a decline of nearly a percent. From a technical perspective, the index is hovering around its 200-DEMA in a range-bound manner, where the upside remain capped near the 24,500- 24,600 zone, while immediate base formation is witnessed near the 24,250 mark. The overall market undertone remains cautious, as continued underperformance in banking counters is exerting pressure on the broader market. On the derivative front, significant Call writing was witnessed at the 24,500 and 24,600 strikes, indicating a resistance zone on the immediate basis. While on the downside, Put writing at the 24,200 and 24,000 strikes suggests an immediate and crucial support zone.
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