The Nifty 50 closed at 24,890, extending its losing streak with a decisive break below the key support level of 25,000 - Religare Broking Ltd
Market Outlook
The Nifty 50 closed at 24,890, extending its losing streak with a decisive break below the key support level of 25,000. Derivatives data indicates a substantial Call OI build up at the 25,000 strike, followed by 25,100 and 25,200 strikes, reflecting sustained downward pressure on the index. On the technical front, the index settled below its key moving average of 50-day EMA, reinforcing a strong bearish bias for the upcoming sessions. Nevertheless, a short term recovery cannot be ruled out, although any upside is likely to remain capped around the 25,000 to 25,100.
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